Nass Share Placement Oversubscribed

BAHRAIN, 27 June 2005 — Nass Corporation has announced successful completion of the first phase of its IPO plans — the private placement of shares with Gulf-based strategic investors. The successful completion of the private placement paves the way for Nass Corporation, which is currently under formation, to be established and listed on the Bahrain Stock Exchange through a public share offer later this year. It will be Bahrain’s first regional family-owned conglomerate operating in the construction sector to go public and the largest initial public offering (IPO) on the Bahrain Stock Exchange in the last eight years.