BRIEF: Lenovo to build Saudi manufacturing base, production set for 2026
Lenovo Group Ltd. (0992.HK) announced Wednesday it has completed its sale of a three-year, $2 billion interest-free convertible bond to Alat, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), as part of a partnership disclosed last May. Under the partnership, Lenovo will build a new manufacturing facility in Saudi Arabia, expected to commence production in 2026, with an annual capacity to produce millions of PCs and servers.
Lenovo has also agreed to establish its Middle East and Africa regional headquarters in the Saudi capital of Riyadh, and to build a sustainable manufacturing facility in the country. The project aims to create thousands of jobs and provide products and services to customers both regionally and globally.
When Lenovo announcedits strategic partnership and investment plan with Alat last May, it also revealed plans to issue 1.15 billion three-year warrants. All of those warrants have now been subscribed, raising a total of HK$1.65 billion ($212 million).
By Lee Shih Ta
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