JEDDAH, 22 October 2004 — The National Commercial Bank (NCB) has signed an agreement here placing the stocks for the Saudi Dairy and Foodstuff Co. (SADAFCO) in the financial market and casting part of the stocks for underwriting.
Abdulkareem Abu Al-Nasr, deputy general manager of NCB, who signed the contract with Ahmad Marzouki, managing director of SADAFCO, indicated that the agreement would deepen the Saudi markets and that the bank would present the necessary technical and consultancy support for marketing the company’s stocks in the financial market and casting part of their stocks for underwriting. He also expressed hope that this casting will contribute to the increase of many new products recently advertised in support of the national economy and the expansion of the property rule in the participating sectors at a time when the Saudi stock market is experiencing large acceptance from the participants and capital holders.
Abu Al-Nasr indicated that the contract included offering financial consultancy concerned with the evaluation of the company and managing the flotation. He expects the company to have a great position in the Saudi market.
Abdulrahman Addas, head of corporate banking sector, who attended the signing of the contract, explained that the agreement establishes the bank’s position in the area of providing financial and consultancy services, not only in the Kingdom but also across the Arab world.
