MAKKAH, 8 January 2006 — The Capital Market Authority (CMA) has approved a request by Makkah Construction and Development Company to increase its capital from SR1.4 billion to SR1.6 billion by issuing 4 million priority right shares to shareholders at SR250 per share. CMA approved the decision made by the company’s general assembly during its meeting on Dec. 12, 2004 after the company fulfilled all the requirements. The date for the IPO will be announced soon.
CMA Approves Aseer Capital Increase
ASIR, 8 January 2006 — Aseer Trading, Tourism and Manufacturing Company recently announced that the Capital Market Authority (CMA) has approved its request for increasing its capital from SR625 million to SR812.5 million by offering three free shares for every ten shares owned by registered shareholders. An announcement will be made at the general assembly meeting soon in coordination with the Ministry of Commerce, after the necessary procedures have been completed.
Arabian Cement Posts SR333m Profit
RIYADH, 8 January 2006 — Arabian Cement has announced its financial statement for 2005. Its operating income was about SR324 million, an increase of 45.3 percent over the previous year which was SR223 million. The net profits for 2005 were SR333 million compared to SR306 million for 2004.
Investments in Extra May Reach SR700m
RIYADH, 8 January 2006 — The Middle East Regional Director for Extra Electronic Company, Majid Al-Mubarak, expects investments in the company to be some SR700 million, reported Al-Eqtisadiah newspaper. Al-Mubarak said that Extra is in the process of opening 15 branches in the Kingdom and that the company’s showrooms feature more than 22,000 different electronic products. The Saudi company opened its fifth branch last week in the Swaidi district of Riyadh.