JEDDAH, 6 February 2007 — Ahmed Hassan Fitaihi Company yesterday invited its shareholders, who hold 1,000 shares or more, to nominate their names to become members of the company’s new board of directors. Applications should reach the administration by Feb. 20, according to a report published by the Capital Market Authority on its website. The nominees should inform the company about their qualifications and business experience.
SISCO CEO’s Resignation OK’d
RIYADH, 6 February 2007 — The board of directors of the Saudi Industrial Services Co. (SISCO) on Sunday accepted the resignation of Saleh Ahmad Hafni, CEO and executive president of the company. Hafni has served the company for the past 19 years. His resignation will come into effect from the first of April. Hafni was the executive president of the company since 1999 and will continue to be a member of the board of directors.
Emaar to Buy 10% Stake in Arab Bank
AMMAN, 6 February 2007 — The Arab Bank’s board of directors has approved the sale of a 10 percent stake in Jordan’s largest banking establishment to Emaar Property, a UAE conglomerate, a senior bank official said yesterday. “During a meeting on Sunday, the Arab Bank’s board of directors approved Emaar as a strategic partner in the bank,” the board’s Deputy Chairman Sabih Masri said. “They want a 10 percent stake through a primary issue of shares,” he added.(Abdul Jalil Mustafa)
Eastern Province Cement Profit Up
RIYADH, 6 February 2007 — The Eastern Province Cement Co. announced that the company achieved unprecedented net profits of SR445 million in 2006, registering an increase of 49 percent against SR299 million in 2005. Operating profits reached SR437 million against SR285 million in 2005 — an increase of 53 percent.