New Cement Company in Western Region

JEDDAH, 21 August 2005 — A number of businessmen are in the process of establishing a new cement company in the Western Region after they received a license from the Ministry of Commerce and Industry, reported Al-Riyadh newspaper. Negotiations are underway for the businessmen to participate in the founding subscription to cover the company’s capital which is expected to be more than SR500 million. The announcement for the establishment of the new company, Makkah Cement, is expected in two months after completion of the founders’ underwriting of the shares estimated to be over 10 million shares priced at SR50 each.