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Ma'aden counts the toll of partial MPC shutdown
- Saudi Arabia: Monday, April 29 - 2013 at 17:33
The Tadawul All-Share Index closed 0.40% higher at 7,166.93 points Monday. Saudi Arabian Mining Company or Ma'aden lost 0.95% to close at SR31.30. Earlier in the day, Ma'aden said with reference to its announcement on April 20 related to the MPC shut-down of the ammonia plant in Ras Al Khair that its subsidiary MPC had encountered technical difficulties during the start up of its ammonia plant which led into the ammonia plant shut-down. The Diammonium Phosphate (DAP) plant has temporarily discontinued production until the ammonia plant will start operation. Ma'aden added it will determine the financial impact of the shut-down as soon as the technical difficulties are solved. The firm will use the shut-down as an opportunity to carry out scheduled maintenance due in May. "This should help to reduce the financial impact expected in the second quarter 2013," said Ma'aden. MPC is a limited liability company co-owned by Maaden (70%) and Saudi Basic Industries Corporation (Sabic) (30%). Sabic shares lost 0.55% to SR90.75. Saudi Industrial Export gained the most (up 7.66% at SR59.75). 74 out of 156 traded securities advanced, while 58 shares declined in Riyadh.
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Gérard Al-Fil, Financial JournalistMonday, April 29 - 2013 at 17:33 UAE local time (GMT+4)
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