RIYADH, 5 April 2007 — The general shareholders’ meeting of Saudi cement producer Yamama Cement Company (YCC) approved last March 28 a 20 percent cash dividend for 2006, translating into SR2 ($0.53) per share. YCC posted a net profit of 601.2 million riyals ($161 million) for 2006, an increase from 500.9 million riyals ($133.6 million) a year earlier. YCC, one of the eight listed cement companies operating in Saudi Arabia, was established in 1961 and is based in the Riyadh.
Gasco Set to Hold General Meeting
Arab News
RIYADH — Saudi National Gas and Industrialization Company (Gasco) has called for a general meeting on April 14 to vote on a cash dividend of SR1 ($0.267) for 2006, the company said in a statement to the Saudi stock exchange on Tuesday. The shareholders will also review the company’s 2006 financial results. The company is active in the production, marketing and distribution of gas and gas derivatives.
Kuwaiti Firm to Invest $691m in Kingdom
Reuters
KUWAIT — National Industries Group, Kuwait’s largest construction materials firm, plans to invest 200 million dinars ($691 million) in a petrochemical project in Saudi Arabia, its chairman said yesterday. “We have committed 200 million dinars for expansion of a petrochemical project in Saudi Arabia this year and in 2008. The project is ready and signed and we are just waiting for the announcement,” Saad Al-Saad told Reuters on the sidelines of the firm’s shareholders meeting. He declined to give details of the project but said NIG hopes to land two or three deals this year from 30 to 40 bids it had submitted for several regional projects. “We are already tendering for the projects. When we tender for 30 or 40 projects we may win two or three because as some of our calculations may not be the best or somebody gives better a offer,” he said.
Saudi Economic City IPO Deferred to May
Reuters
RIYADH — The developer of Saudi Arabia’s $8 billion Prince Abdul Aziz ibn Mousaed Economic City has delayed an initial public offering until May due to a Gulf stock market slump, Al-Jazirah daily published yesterday. Rakisa Holding Co. said in December it would sell a 30 percent stake in a public offering in the first quarter. But the plan has been delayed until May due to “the current market situation,” Chairman Abdullah Al-Rakhis was quoted as saying.
Alujain Raises Stake in Natpet to 57.4%
Reuters
JEDDAH — Saudi Arabian industrial group Alujain has raised its stake in Saudi National Petrochemical Industries Co (Natpet) to 57.4 percent from 42 percent after Natpet boosted its capital to 917.5 million Saudi riyals ($244.7 million), local media reported yesterday. As a result of the increase, the other major shareholder in Natpet, the General Organization for Social Insurance (GOSI), also raised its stake in the company to 11.72 percent.
Wal-Mart Defends Security Measures
Associated Press
BENTONVILLE — A fired Wal-Mart security worker confirmed a newspaper interview yesterday in which he said he was part of a surveillance operation that spied on company workers, critics, shareholders and consultants. The company defended its security practices. The world’s largest retailer declined to comment on specific allegations made by former security technician Bruce Gabbard, 44, to the Wall Street Journal in a report published yesterday. “Like most major corporations, it is our corporate responsibility to have systems in place, including software systems, to monitor threats to our network, intellectual property and our people,” Wal-Mart spokeswoman Sarah Clark said. Gabbard was fired after recording phone calls.