RIYADH, 26 December 2005 — Pipeline manufacturer Saudi Arabian Amiantit said yesterday it already has sealed orders worth SR1.7 billion ($453.3 million), or more than half of its projected turnover for 2006. Amiantit’s latest sales include SR115 million in contracts to deliver pipelines in Spain, Mexico, the United States, Lebanon and Egypt, the firm said in a statement posted on the bourse website. “As a result, the company has firm orders worth SR1.7 billion, which represent more than half projected sales for 2006,” it said. Amiantit, which makes water and oil pipelines for the industrial, agricultural and energy sectors, said it lost SR16.6 million in the first half of 2005, though a company restructuring improved revenues in the second quarter. It last traded 1.2 percent lower at SR426.75 yesterday.
Saudi Pension Fund to Invest SR9.6bn Abroad
RIYADH, 26 December 2005 — A Saudi pension fund plans to invest an estimated SR9.6 billion ($2.56 billion) in premium bonds and stocks abroad, the firm said in a report published yesterday. The General Retirement Foundation has SR26 billion, or 73 percent of its assets, invested in local stock market and funds, the firm said in a report carried by Al-Eqtisadiah business daily. The firm wants to invest the remaining 27 percent of its assets in “buying premium international stocks and bonds that enjoy a great deal of stability and profitability,” the newspaper quoted it as saying. Al Eqtisadiah estimated the funds to be invested abroad at SR9.6 billion.
Al-Tuwairqi Group Eyes Stake in Pakistani Steel Mill
ISLAMABAD, 26 December 2005 — Al-Tuwairqi Group is one of the leading bidders in a consortium bidding to buy publicly held Pakistan Steel Mills Corp. (PSMC), Privatization Commission officials announced on Saturday. The Dammam-based consortium has joined in the bid with Ukraine’s Azovstal Steel; the government of Ras Al-Khaimah, UAE; International Industries Limited Pakistan with Donbass; Ukraine and Magnitogorsk Iron; and Steel Works (Russia). The consortium is currently in negotiations with the management of PSMC and Pakistan’s Privatization Commission. “There are 19 parties which have submitted expressions of interest in response to the invitation to qualified strategic investors in acquiring a 51 to 75 percent stake equity in (PSMC), together with management control, on ‘as is, where is’ basis,” the Privatization Commission said in a press release. (Azhar Masood)
PWC Logistics Wins $2.85 Billion Contract
KUWAIT CITY — Kuwait’s Public Warehouses company (PWC Logistics) has won a $2.85-billion logistics contract from a giant petrochemicals plant, the company said yesterday. The three-year contract covers shipment, transport and customs clearance services for the Equate-2 plant, a joint petrochemicals project between Kuwait and US Dow Chemical, the statement said. PWC Logistics is a global provider of integrated transport and logistics services. It has some 450 offices in more than 150 companies. (Agence France Presse)
MTC Repays $2.4 Billion Loan
KUWAIT CITY, 26 December 2005 — Mobile Telecommunications Company, Kuwait’s leading mobile operator, has prematurely repaid a $2.4 billion bridge facility it received earlier this year from regional banks, MTC said in a statement. The facility was arranged in April this year to help MTC pay for the major acquisition of Dutch firm CelTel which operates in 13 African nations at a cost of around $3.4 billion. MTC paid part of the loan through doubling its capital raising $2.28 billion and also by acquiring a $750-million Islamic loan from six regional Islamic banks, the statement said. (Agence France Presse)
BHEL Gets Export Order From Taiwan
BHOPAL, 26 December 2005 — The Indian giant public sector, Bharat Heavy Electricals Limited (BHEL), Bhopal has successfully tested the Turbine & Inlet valve for prestigious Bihai contract of Taiwan. This is the first export order from Taiwan. The testing has been witnessed by Tatung Co. representing the ultimate customer Taiwan Power Company (TPC) and Mody International (Independent International Inspector Agency). The turbine has six nozzles with unique feature of independent deflector servomotors mounted on each nozzle designed and manufactured for the first time by BHEL. (Pervez Bari)
