RIYADH, 23 March 2006 — Water and Electricity Ministry has submitted a plan to privatize the water and sewage sector to the Supreme Economic Council for approval, Al-Madinah newspaper reported. The plan envisages establishing a national water company in cooperation with the private sector to provide better service. The company will be offered for floatation. The company’s responsibilities would include producing underground water, distribution, sewage water treatment, improving bill collection and customer service in the main cities.
Two Firms Become
Joint-Stock Companies
Arab News
RIYADH — The Ministry of Commerce and Industry gave its approval yesterday for changing Abdullatif Al-Eisa Group Company to a closed joint-stock company with a capital of SR200 million with four million shares having a nominal value of SR50 each. The company is based in Riyadh and trade in vehicle parts and heavy machinery. Last week, the ministry approved changing Afiya International Company into a closed Saudi joint-stock company with a capital of SR250 million with five million shares having a nominal value of SR50 each. The shares of both companies will be traded following approval by the Capital Market Authority.
Al-Bilad Posts
SR98m Losses
Arab News
RIYADH — Al-Bilad Bank financial statement for the period 19/4/2005 to 31/12/2005 showed that total financial transactions reached SR163.5 million. Losses for the period were SR98 million with first quarter results of 2006 expected to be positive, Al-Watan newspaper reported. Executive Director Azzam Abalkhail, said that the bank would offer competitive products in 2006 and the kinds of service its customers want including stock trading through the Internet. During that period, the bank developed its investment portfolio to exceed SR5.3 billion; its assets reached SR7.11 billion and deposits SR3.91 billion.
SABB to Increase
Capital to SR3.75bn
Arab News
RIYADH — The general assembly of the Saudi British Bank has approved increasing the bank’s capital from SR2.5 billion to SR3.75 billion, Al-Eqtisadiah newspaper reported. The assembly also agreed to distribute dividends of SR15 per share directly to shareholders starting March 28.