Zamil Group to Form New Company

JEDDAH, 1 March 2004 - Zamil Group has taken the necessary steps to form the Sahara Petrochemical Company which is capitalized at SR1.5 billion ($400 million), according to a press note. The private placement of shares for the founders invited by the Al-Zamil Group was greatly oversubscribed; shares allotted to them amounted to SR1 billion. The remaining share of the capital amounting to SR500 million will be offered to the public next month, the press note said.