JEDDAH, 18 April 2006 — The “Cyprus Catalog Exhibition” is on display today and tomorrow at the Jeddah Chamber of Commerce and Industry. Twelve companies from Cyprus specializing in food products, office furniture, electric generators, farming equipment and automobile care products are presenting their products at the JCCI hall from 10 a.m. — 1 p.m. and 5 p.m. — 8 p.m.
CCI Announces SR131m Profits
RIYADH, 18 April 2006 — The Company for Cooperative Insurance posted profits of SR131 million for the first quarter ending March 31, compared to SR42 million for the same period last year. Therefore, the share value increased from SR0.84 in 2005 to SR2.61 in 2006. Profits from insurance operations made 75 percent of the shareholders profit, while 25 percent was from investments. Assets increased by 18 percent reaching SR3.9 million and returns increased from 1.25 percent in 2005 to 3.31 percent this year.
Elaj to Float Its Shares for SR400m
JEDDAH, 18 April 2006 — Elaj Medical Group signed a memorandum of understanding with Saudi Fransi Bank in preparation for floating its shares after completing procedures required by the Capital Market Authority, reported Al-Eqtisadiah newspaper. The shares to be floated will range in value between SR300-SR400 million. Once approved for floatation Elaj will be the first health care company to go public.