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Maadaniyah, IGL Group Cancel Metal Casting JV

MT Newswires·11/12/2026 08:32:41
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08:32 AM EST, 11/12/2026 (MT Newswires) -- National Metal Manufacturing and Casting Co. (SASE:2220), d/b/a Maadaniyah, and IGL Group mutually agreed to terminate their Vair National Metal Casting Co. joint venture project, following a lack of progress. The joint venture's licenses and commercial registration in Saudi Arabia will be canceled in line with regulatory requirements, according to a Thursday filing. The metal engineering products manufacturer added that the termination will result in a non-cash asset impairment of 1.2 million Saudi riyals.