JEDDAH, 18 January 2007 — Bishah Agriculture Development Company (BADC) has presented an application to the Commerce and Industry Ministry seeking its permission to hold an emergency general assembly meeting on March 13, the ministry said, adding that the request was valid in accordance with the company law.
SR1.2bn Tadawul Company Planned
Arab News
JEDDAH — The Ministry of Commerce and Industry is seeking a Royal Decree to license the establishment of Saudi Financial Market Company (Tadawul), which will have a capital of SR1.2 billion. A closed joint stock company, fully owned by Public Investment Fund, Tadawul will have 120 million shares with a nominal value of SR10 each, the Saudi Press Agency reported yesterday quoting a ministry statement.
Basadin Discusses Investment at JCCI
Lulwa Shalhoub, Arab News
JEDDAH — Madawi Al-Hassoun, board member of the Jeddah Chamber of Commerce and Industry, met with the South African Consul General Mahdi Basadin yesterday at the chamber’s offices. They discussed business and investment exchanges between the two countries. They also discussed ways of developing and tightening up relationships between the House of Business subsidiary of the JCCI through the private sector and the South African Embassy in Saudi Arabia.
SEC Plans to Invest SR15.8 Billion
Arab News
RIYADH — The board of directors of the Saudi Electricity Company (SEC) said yesterday the SEC plans to invest SR15.8 billion ($4.21 billion) on power facilities this year to boost capacity. It said in a statement on the Saudi stock exchange website that funds would be invested in power generation, transmission and distribution including adding 1,609 megawatts of generation capacity by 2008.
Sipchem’s Profit Jumps 116 Percent
Arab News
RIYADH — The Saudi International Petrochemical Co. (Sipchem), Kingdom’s fourth-largest chemical company by market value, said fourth quarter profits more than doubled on higher sales and prices of its products. Net income in the three months to Dec. 31, 2006 rose 116 percent to SR155 million ($41.33 million) compared with SR72 million in the same period previous year, the company said on the Tadawul website. The operating profits almost tripled to SR268 million, it added.
SAIB Posts SR301.4m Profit
Arab News
RIYADH — The Saudi Investment Bank (SAIB), the seventh largest lender by market value, posted a 4.8 percent increase in fourth-quarter profit. Net income in the three months to Dec. 31 was SR301.4 million ($80.37 million) compared with SR287.7 million in the year earlier period, the bank said on Tadawul website yesterday. Net profit for the whole year was SR2.006 billion, a rise of 88.5 percent compared with 2005, the bank said. The profit per share in 2006 is estimated at SR8.34 against SR4.42 in 2005. The gross operating profit reached SR2.556 billion.