JEDDAH, 19 September 2006 — Sleep High, Saudi Arabia’s leading spring mattress manufacturing company, will be converted to a public joint stock company by allowing the entry of new partners in capitalization.
The Juhainah for Trading, Manufacturing & Construction Company (JTMCC) with three major plants in Jeddah, Riyadh and Dammam, owns 50 percent of the company’s investments.
Abbas Abduljawad, chairman of the boards of directors of Sleep High and JTMCC said, “Studies are currently underway to convert the Sleep High to a joint stock company. The ambitious scheme is part of its effort to keep pace with the new trend in the Saudi market to convert family-run ventures to joint stock companies.”
The chairman said that the move also aimed to ensure the successful continuity of private economic establishments in the market by evolving new strategies to counter emerging challenges particularly in the wake of the Kingdom’s accession to the World Trade Organization.
Abbas Abduljawad denied the rumor appearing in some sections of media that the Saudi Industrial Development Company (SIDC) is negotiating to buy out the stakes of JTMCC in the Sleep High as incorrect.
Abbas Abduljawad said the company aimed at expanding the production lines of the Sleep High factories at the rate of 20 percent to keep pace with the increasing demand in the Saudi and neighboring markets.
The company has a capitalization of more than SR80 million with JTMCC owning 50 percent of the Sleep High capital and 50 percent owned by SIDC. The company has a total of 40 sales outlets in various towns in the Kingdom.
In 1962 first industrial license to manufacture spring mattress was granted to Abbas Abduljawad, the owner of Arabian Spring Mattresses Industry.
