JEDDAH, 1 August 2005 — The general assembly of Marai company held its first meeting Saturday evening in Riyadh after the completion of the company’s IPO which attracted over SR9 billion in the seventh IPO of the Saudi capital market during the past period. The company presented its basic system to the general assembly with the attendance of the company’s share owners after the transfer.
Prince Sultan bin Mohammed Ibn Saud Al-Kabir owns 37 percent with 5,580,750 shares, Savola company owns 28 percent with 4,234,650 shares, Abdul Aziz Al-Muhanna owns 2 percent with over 400,000 shares, followed by Abdul Rahman Al-Muhanna owning 1.19 percent and Princess Aljowhara bint Saad bin Abdul Aziz owning .7 percent; all for a total of 70 percent of the shares (525,000,000 shares). The board of directors agreed on all the issues regarding the transfer after reviewing the underwriting capital, the basic system, approving the appointment of the first account auditor and the expenses and costs presented by the founders for transferring the company. Prince Sultan revealed that there is a possibility of Marai buying dairy companies having problems during the next period and that it is considering such prospective with some companies but he denied that Marai is entering into any mergers with other companies.
