RIYADH, 21 January 2007 — Mahmoud Abdullah Taibah, chairman of the board of directors of the Saudi Electricity Co. (SEC), signed SR2.45 billion worth contracts with the Arab BAMAKO Contracting Co. to facilitate considerable increase in the power generating capacity and enhance the feeding of the electricity network in the Central Region in order to meet the peak summer load from next year. The company has also signed a contract for enhancing the power generation, at a cost of SR173 million, in the Hail region. Ali Al-Barrak, company’s executive president, signed another contract worth SR354 million for cooling the turbines of the ninth station in Riyadh.
Saudi Advanced to Raise Capital
RIYADH, 21 January 2007 — The Saudi Advanced Company for Industries decided a 300 percent capital hike from the current SR108 million to SR432 million by increasing the number of shares from 10.8 million to 43.2 million. This will be achieved by issuing three shares to every existing share at a nominal value of SR10 per share. Further the general body also decided to issue a SR10 premium for each current share. The meeting also decided to reduce the number of members of the board of directors from nine to seven, according to the Tadawul website yesterday.
NIC Proposes Raise in Capital
RIYADH, 21 January 2007 — The National Industrialization Co. (NIC) has proposed to raise its capital by 50 percent to SR3.5 billion from SR2.33 billion, said Mubarak Abdullah Al-Khafra, chairman of the board of directors. The company will offer one free share for every two shares held. The company’s chairman said the board expected 2006 profit at SR690 million, according to a statement posted on the Tadawul website yesterday. The shareholders will also get a dividend of SR1 per share.