RIYADH, 14 December 2005 — The Capital Market Authority (CMA) announced yesterday that it has approved the flotation of 30 percent of the stocks of Al-Derees Company for petrol services and transportation. The 1,200 shares will be underwritten starting from Jan. 21, 2006 until Jan. 30, 2006. The share is priced at SR50 in addition to issuance fee of SR135.
Kuwait Firm Sells 1% SADAFCO Shares
RIYADH, 14 December 2005 — The United Industries Company, a Kuwaiti company and one of the founders of Saudia Dairy and Food Company (SADAFCO), announced yesterday that it is selling the equivalent of 1 percent of its shares in SADAFCO. With this sell, it will own 38 percent of the shares in SADAFCO instead of 39 percent.
SISCO to Increase Capital to SR80m
RIYADH, 14 December 2005 — Considering the losses incurred by the Saudi Commercial and Export Development Company, the board of directors of Saudi Industrial Services Company (SISCO) announced yesterday that it will increase the capital of the company from SR45 million to SR80 million. SISCO owns the largest share in SCEDC and in order to reduce its risk in SCEDC, it will reduce its shares from 96.7 percent to 76 percent.
Yamamah Cement to Raise Capital
RIYADH, 14 December 2005 — After reviewing the projects and financial statements of the year, which were better than initial estimates, the board of directors for Yamamah Cement Company decided to request from the regulators to increase its capital from SR450 million (9 million shares) to SR1,350 million (27 million shares). The board will request that the increase is done by offering two shares for each share owned currently and without an issuance fee or a deduction from future dividends in accordance with the regulations.
Sahara Signs Deal With Basell
JUBAIL, 14 December 2005 — Sahara Petrochemical Company signed an early work agreement with Basell Company and the alliance of Tecnimont Company to implement a polypropylene project in Jubail Industrial city. The project is a joint ownership between Sahara and Basell with a cost of SR2,300 million. The agreement is part of the engineering, procurement and construction contract. Essam Hemdi, CEO of Sahara, said that the project is the first polypropylene complex in the region to use Basell’s new advanced technology.
Committee Set Up for Industrial Strategy
RIYADH, 14 December 2005 — In accordance with royal directions to develop the industrial sector in the Kingdom, Commerce and Industry Minister Hashem Yamani said that a supreme guiding committee has been formed to prepare a national industrial strategy for the future until the year 2020. The project is called “The comprehensive program: The strategies for enforcing the competitive industrial capacity and diversifying the industrial base in Saudi Arabia”. It is being done in cooperation with United Nations Industrial Development Organization (UNIDO) and with the participation of all relevant public and private institutions.
