RIYADH, 24 May 2006 — Muhammad ibn Abdullah Al-Kharashi, the governor of the Pensions’ Fund, and Suleiman ibn Saad Al-Humaid, the governor of the General Organization for Social Insurance (GOSI), have joined the board of directors of the Saudi Research & Marketing Group (SRMG) as representatives of the two organizations.
The move came after the Pensions’ Fund and GOSI purchased 5.62 percent each of SRMG last month ahead of the company’s initial public offering.
Al-Kharashi and Al-Humaid’s presence on the board of directors is said to strengthen the company as the two state-owned organizations are running large-scale investments and mammoth projects within Saudi Arabia and abroad, an official statement said.
Al-Kharashi said his organization had decided to invest in SRMG considering its excellent financial performance. “We also foresee a shining future that awaits the publishing industry in the Kingdom and the Arab world,” he said. “The group’s move to diversify into the publishing industry also offers promising investment opportunities,” he pointed out.
Al-Humaid commended SRMG’s track record. “Our decision to take a 5.62 percent stake in SRMG is reflective of our confidence in the future of the publishing industry in the Kingdom and in the Arab world,” the GOSI chief said in a previous statement.