BRIEF: Lenovo to build Saudi manufacturing base, production set for 2026

0992.HK

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

To subscribe to Bamboo Works weekly free newsletter, click here

,
, ,

Related Articles

RELATED ARTICLES

No related posts.

Discover hidden China stock gems in our weekly newsletter

Follow us

Facebook Twitter Linkedin Weixin Weibo Youtube

Subscribe to Our Free eNewsletter

Subscribe

Check out our content with some of our syndication partners

factiva

Recent Articles

WeRide is enjoying a payoff from expanding its global taxi flee

Robotaxi rollout drives faster earnings pace at WeRide

The driverless technology company is enjoying a payoff from expanding its global taxi fleet, with quarterly revenues surging and losses continuing to shrink Key Takeaways: Third-quarter revenue more than doubled,…
0800.HK
WRD.US
Illustration of Luckin and Costa coffee being tasted

Luckin Coffee eyes global leap as China’s Double 11 loses its luster

Luckin could be preparing a bid for Costa Coffee. What's driving this potential deal, and what are its chances for success? And this year's Double 11 festival looks like a dud, with most big e-commerce companies failing to publish any big numbers. What does the future hold for this fast-fading shopping fest?
So-Young runs cosmetic surgery clinics

Can So-Young find new youth in bricks and mortar?

The cosmetic surgery specialist’s top line is growing as it opens new ‘light medical aesthetic’ clinics, but its bottom line is sagging as its older platform business evaporates Key Takeaways:…
SY.US
CSPC delivered lower nine-month revenues and profits

CSPC feels the pain from sweeping cuts in drug prices

The pharmaceutical giant is paying the price for its aggressively low bids in China’s centralized drug tenders, as it shifts its focus from traditional to novel drugs Key Takeaway: The…
1093.HK