Taibah Names SABB for Share Issue

RIYADH, 19 October 2005 — Saudi Arabia’s Taibah Investment and Real Estate Development said on Monday it had appointed Saudi British Bank (SABB) to manage an issue of 15 million new shares which will double its paid-up capital to SR1.5 billion ($400 million). The new shares will have a nominal price of SR50, and an additional unspecified issue premium, Taibah said in a statement on the Saudi bourse website. It said the capital increase still has to be approved by Saudi Arabia’s Capital Market Authority.