RIYADH, 14 August 2005 — Kayan Petrochemicals Company (Kayan) held its founding assembly yesterday, according to Riyadh newspaper. Sources say that during the meeting, the company discussed the basic system and appointment of auditors. The total number of founding members reached 60 including three joint stock companies. Kayan is coordinating with the Ministry of Petroleum and Mineral Resources and with the Capital Market Authority about floating its shares in an IPO and determining the percentage of shares to be floated.