RIYADH, 9 February 2007 — Al-Madinah Printing and Publishing Co., a subsidiary of the Saudi Research and Marketing Group (SRMG), has changed its name to “Saudi Printing and Packaging Company,” a company statement said.
“The partners of the company wanted to adopt the new name while the commercial name of the company’s Jeddah and Dammam branches will remain Al-Madinah Printing and Publishing Co.,” Al-Eqtisadiah newspaper reported yesterday.
Last year, the capitalization of the press has been raised from SR30 million to SR600 million to be divided into 60 million shares of equal value of SR10.
According to an earlier statement of the SRMG, 30 percent of Al-Madinah press would be floated in IPO in the first half of the year after getting the mandatory approval of the authorities.
The group aimed by launching the company in the stock market to embark on an expansion scheme in the printing industry.
SRMG, which publishes Arab News and other publications including the international Arabic daily Asharq Al-Awsat and the business daily Al-Eqtisadiah, made a net profit of SR261 million in 2006, 44 percent higher than in the previous year.