RIYADH, 15 February 2006 — Petrochemicals company Yansab will debut on the Saudi bourse on Monday, Feb. 20, after an initial public offering in December that was two times oversubscribed, the bourse said yesterday. A statement posted on the website said the share would be included in its indices “once the price has stabilized”. It did not elaborate. Saudi Basic Industries Corp. (SABIC) offered 39.4 million shares, or 35 percent, in its subsidiary Yanbu National Petrochemicals Company (Yansab) for SR50 riyals ($13.3) each. The IPO closed on Dec. 29.
Yanbu Cement Plans SR15 Dividend
Reuters
RIYADH — Saudi Arabia’s Yanbu Cement said on Monday it planned to distribute a SR15 dividend of the second half 2005. Yanbu distributed SR5 per share for the first half, leaving the total 2005 dividend unchanged from the previous year. The dividend represents 40 percent of the company’s paid-up capital, a statement on the bourse Web site said. A shareholders meeting has been scheduled for March 26 in Jeddah.
India to Celebrate Relations With IDB
M. Ghazanfar Ali Khan, Arab News
RIYADH — India will celebrate 25th anniversary of its relations with the Islamic Development Bank (IDB) with a major silver jubilee program to be held in the Saudi capital tomorrow. “This is the first social and educational event being organized by the IDB and India after the historic visit of Custodian of the Two Holy Mosques King Abdullah,” said Amanullah Khan, chairman of India’s Students Islamic Trust (SIT), the Delhi-based counterpart organization of the IDB.
Malaysian Trade Team to Visit Jeddah
Mohammed Rasooldeen, Arab News
RIYADH — A 70 member trade delegation led by Tan Sri Muhyiddin Yassin, Malaysian Agriculture and Agro-Based Industry Minister will be arriving in Jeddah next Tuesday as part of an initiative to make Malaysia a halal food hub in the region. “The delegation comprising representatives from 25 companies and government officials from the Malaysian agricultural sector is to promote investments in Malaysia to make it a hub for production of halal food in the region,” Naim Abdul Rahman, Malaysian Trade Commissioner told Arab News.
Arcapita’s Profit Jumps 48 Percent
Mohammed Rasooldeen, Arab News
RIYADH — Manama-based Arcapita Bank, a leading international investment firm, announced on Sunday that it had achieved a record net income of $104.3 million for the year ended Dec. 31, 2005, representing an increase of 48 percent from the $70.5 million achieved in 2004. Arcapita announced that performance remained strong in each of its three principal lines of business - corporate investment, real estate investment and asset-based investment - generating a total operating income of $237 million, an increase of 38 percent from the $172 million achieved in 2004. Arcapita achieved a return on equity of 29.1 percent, compared with 27.5 percent in 2004.