JEDDAH, 10 July 2005 — In its first meeting after being registered, Riyadh Cement Company board of directors chose Prince Faisal ibn Abdul Majeed as its president and Salah Al-Rashid as managing director, reported Al-Madinah newspaper. The board suggested increasing the company’s capital from SR550 million to SR800 million by floating SR250 million in an initial public offering (IPO) for SR50 per share plus an issuance surcharge. This addition will be floated during the next three months after being approved by the company’s general assembly and the relevant authorities.