DAMMAM, 17 January 2007 — Saudi Arabian Amiantit Co. has announced that its subsidiaries have won contracts in Egypt worth SR42.6 million. Farid Al-Khalawi, CEO and executive president of the company, said in a report posted on the Tadawul website, “We have won new contracts in Egypt and Brazil. The two countries playing significant roles in the international economy. The contracts also add to our operating capability in North Africa and South America,” he said.
Al-Rajhi Bank to Add SR500m in Net Profit
RIYADH, 17 January 2007 — Al-Rajhi Bank said yesterday that it would add SR500 million ($133.3 million) from an award in a tax assessment case to its fourth-quarter net profit for 2006. The bank made a gain of SR640 million from the ruling, it said and had made a provision for the liabilities arising from the tax dispute over how Al-Rajhi calculated Zakat. The appellate committee also approved the procedures and basis on which the bank computed the Zakat. The bank has decided to allocate SR140 million for other purposes.
National Gypsum May Raise Capital
RIYADH, 17 January 2007 — The National Gypsum Company’s board of directors has recommended an increase in the company’s capital from SR237.5 million to SR316.67 million by granting a gratis share for every three shares held, according to the Tadawul website yesterday. The number of shares before the increase was 23,750,000 and after the increase 31,666,667.
