RIYADH, 6 December 2005 — The governor of the Saline Water Conversion Corporation (SWCC), Fahid Al-Sharif, signed this week SR20 million contracts with consultant firms to produce the required studies for the privatization and the restructuring of SWCC. The SWCC required the consultants to cover the strategic, financial, technical, and legal areas of the corporation.
United Company Becomes Joint Firm
RIYADH, 6 December 2005 — Dr. Abdu-Al-Wahid Al-Obaid, the CEO of Saudi Amjad Holding, announced the launch of the United Company as a joint company with capital of SR2 billion. Al-Obaid said that the operation of most of Amjad’s successful projects would be handed to United Company. Among the major projects are Saudi Amjad airport services, Makkah’s Le Meridian, and Radisson SAS Royal Suites.
Al-Jazirah to Be Joint Stock Firm
RIYADH, 6 December 2005 — Dr. Hashem Yamani, the minister of trade and industry, approved the transformation of Al-Jazirah Markets Company into joint stock company with 3 million shares worth SR150 million, and a par value of SR50 for each stock.
Kuwait Telecom Raises $2.28bn
KUWAIT CITY, 6 December 2005 — Kuwait’s Mobile Telecommunications Company has raised $2.28 billion in the largest shares issue in Kuwait, MTC Chairman Asaad Al-Banwan said yesterday. The company sold 533 million shares to double its capital in order to finance expansion plans and the recent major acquisition of Dutch firm CelTel which operates in 13 African nations at a cost of $3.4 billion. The issue was meant to allow MTC to finance new acquisitions, as part of plans to become a global company, Banwan said in a statement. (Agence France Presse)
