JEDDAH, 10 July 2005 — Taif Investment Company is seeking approval from its general assembly to increase its capital from SR45 million to SR200 million in order to implement its investment projects in Taif, reported Al-Watan newspaper. The general manager of the company said that the current shareholders can provide SR25 million of the capital with the possibility of floating the other shares, valued at SR130 million, in an IPO for a price of SR50 per share without issuance surcharge. The company has signed a contract to build a hotel at Al-Hada for SR44 million. The hotel is expected to be operational next summer.