RIYADH, 21 April 2006 — Two companies will be listed in the Saudi stock market once they are approved by the Capital Market Authority. The Ministry of Commerce and Industry has licensed the transfer of the Installments National Company into a closed shareholding company and the establishment of the Wathiqa Real Estate Investment Company as a closed shareholding company. The Installments Company has a capital of SR100 million divided into ten million shares valued at SR10 per share. It is a wholesale and retail trade company of vehicles, industrial and medical machines as well as providing maintenance, rental and leasing services. Wathiqa has a capital of SR2 million divided into 200 thousand shares valued at SR10 per share.
Petroleum Coal Company in Jubail
RIYADH, 21 April 2006 — Minister of Commerce and Industry Dr. Hashim Yamani has approved the licensing of a project for producing petroleum coal in Jubail under the name Manafae International Factory for Petroleum Coal (coke). The factory will have one million ton production capacity of petroleum coal and with total financing at SR986.6 million. Petroleum coal is used in various industries such as aluminum smelters, tire manufacturing and in some chemical reactors to remove oxygen from oxides.
SABIC Q1 Profits Lower by 17 Percent
DHAHRAN, 21 April 2006 — Saudi Basic Industries Company has announced that its profits for the first quarter of 2006 was SR4.2 billion, lower by 17 percent compared to the same period last year and 7 percent lower than fourth quarter profits of 2005. Mohammed Al-Madhi, CEO, said that sales has increased during the first quarter of 2006 to reach SR14 million, an increase of 9.4 percent from the same period last year, but profits declined due to the decrease in the company’s product prices by 10 percent, which coincided with the increase in sales costs.
JCCI Launches Small Development Center
JEDDAH, 21 April 2006 — The Jeddah Chamber of Commerce and Industry has launched the small establishments development center, an incubator for growing businesses to support transferring good ideas into successful projects. The board of directors had previously approved the allocation of SR400,000 to establish two office incubators, one for men and another for women.
