JEDDAH, 23 December 2005 — The Ministry of Transportation has initiated the steps for presenting the expansion project of the railway network in the western region to investors, according to Al-Madinah newspaper. The expansion would connect the cities of Jeddah, Makkah, Madinah and Yanbu. Minister of Transportation and chairman of the General Institute for Railway Network Jubara Al-Seraisri said that the king has approved holding an introductory seminar of the project in Jeddah soon for investors willing to participate and compete for the right to implement it based on BOT system.
Savola Shares IPO Arab News
JEDDAH, 23 December 2005 — The Capital Market Authority has approved the IPO for Savola Group shares starting Monday, (Dec. 26) until Jan. 4, 2006. The general assembly of Savola had approved increasing the company’s capital from SR1.5 billion to SR1.8 billion by floating six million additional shares (one share for every five shares owned) at SR400 per share. Applications for the IPO will be accepted at SAMBA branches, as the subscription manager, as well as at National Commercial Bank branches, Bank Saudi Faransi and Bank Al-Jazira in the Kingdom.
Cables Meeting Allowed
JEDDAH, 23 December 2005 — The Saudi Cables Company announced that the Ministry of Commerce has permitted it to hold its general assembly meeting on Jan. 5, 2006, at its complex in Jeddah. The assembly will discuss approving increasing the company’s capital from SR640 million to SR850 million by floating 4.2 million shares at SR50 per share.
Programs for Women
RIYADH, 23 December 2005 — The Visa International organized two training courses recently attended by 16 Saudi women working in the banking sector. The training courses titled “Authorization skills” and “Clearing and settlement” were organized in cooperation with the Saudi Institute of Banking.