Tasnee’s subsidiary, Advanced Metal Industries Company (AMIC), signed a MoU with National Industrial Clusters Development Program (NICDP), Al Salam Aerospace Industries Company and Figeac Aero Group, to explore a potential project. The subject project includes the establishment of an Aircraft Precision Machining production facility for civil and military aircraft. The complex will be located in Saudi Arabia, while also noting that the subject project comes in line with Saudi Arabia’s 2030 vision to diversify the national economy. It is worth noting that AMIC is a JV between Tasnee and Cristal (79% owned by Tasnee).
 
National Industrialization Company: SAR16.19 as of 26 Feb. 2018, Rating: Neutral, TP: SAR18.00/share, MCap: USD2,888mn, NIC AB/2060.SE