Astra Industrial Group announces that it received a letter on 14th December 2016 from Tabuk Pharmaceuticals Company (a 100% owned subsidiary of AIG) that states there was a fire in some of the air cooling systems and central ventilation of its plant in Dammam. Thankfully the fire was contained within limited time and without casualties, however it required stopping all production lines due to the status of ventilation systems that supports the whole plant. The company is currently working on assessing the damages and working on mitigating the relatively limited impact since the plant is at trial production and initial commercial production for some products.
The financial impact will be assessed in the near future after concluding the proper assessment and it is expected such impact will be addressed through the insurance coverage.
It is worth mentioning that TPMC has only recently finished building and equipping the plant, some production lines have started initial commercial production while others were at trial production phase that should be followed by product registration phase. Due to the fire incident, it is expected that there will be delay in production, marketing and commercialization of some products till the damage is rectified and assuring that the air-conditioning and ventilation systems are operational and safe and obtaining the needed approvals to resume production.
The company will announce any significant developments in due course.
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