RIYADH, 13 April 2006 — The Saudi Capital Market Authority (CMA) approved the flotation of 30 percent of the shares of Ajlan and Brothers company from April 22, 2006 until May 1, 2006. A total of 9 million shares will be subscribed at a nominal fee of SR10 per share plus SR78 issuing fee. CMA also approved flotation of 30 percent of the shares of Saudi Paper Manufacturing Company starting April 24, 2006 until May 3, 2006.
Real Estate Firm to Be Set Up
JEDDAH, 13 April 2006 — The Islamic Institute for Private Sector Development, a member of the Islamic Development Bank group, with the Saudi Economic Development Company (SEDCO) and International Investment Bank of Bahrain signed an agreement to establish a real estate development company in Saudi Arabia. According to Al-Eqtisadiah newspaper, the capital of the new company is SR400 million and will begin activities within four months from completing the procedures with the Ministry of Commerce and Industry.
Seminar at JCCI on Food Radiating
JEDDAH, 13 April 2006 — The national advisory committee on food radiating held a seminar at the Jeddah Chamber of Commerce and Industry to inform the participants of the food radiating technology used on commercial and research scope in 42 countries. The head of the committee, Dr. Ahmed Basfar, spoke to food trade and manufacturing businessmen about the implementation of this technology based on food production priority, preparation regulations and location of commercial establishments in addition to the experience of other countries with the technology.