02/03/2010
Capital market returns to the major proposals with 102 million shares in the «Economic Knowledge»
Diagram of the Knowledge Economic City, which will be offered for public subscription
The CMA yesterday announced offering five companies for public subscription during the next two months, with a 148 million shares, which is called: The Knowledge Economic which will offer 102 million shares, also Al Hassan Shaker Co. will offer ten million shares, and three insurance companies: Solidarity Co. in its part will offer 22.2 million shares, Amana Co. with 12.8 shares, and the National Company for Cooperative Insurance which will offer three million shares for public subscription.
The Knowledge Economic is considered as the second city which offered for the public subscription after King Abdullah Economic City, "Economic City Construction'' together with Hail Economic City, and Jizan Economic city, which established in 2006 and it's expected to constitute an economic shift in the Saudi economy. The Economic Knowledge City is based on the idea of (knowledge Structure), including the of tourism and trade sectors, as well as the trade exchanges for thousands of pilgrims and visitors, which will create a fully integrated and distinctive environment in providing the best services and facilities for the business sector that will correspond with the modern technology and future. The city will cover a land area up to 4.8 million square meters, will be the first city of its kind as a knowledge-based industries in the country ,and the fourth economic city with the General Investment Authority plan aimed at settling the Saudi capital, attracting investment from around the world.
Below are more details:
The CMA yesterday announced offering five companies for public subscription during the next two months, where it agreed to put 102 million shares for the subscription which present 30.06 percent of the Economic Knowledge City shares with a ten riyals per one share during the period from 24 -30 May.
The company brochure will be announced before the subscription starting date. The brochure contains information and data required for the investor to observe before deciding to invest, including the Company financial statements and adequate information about their activities and management
It is known that the "Knowledge City" head office located in Madinah AlMonawrah, and it is part of the four economic cities observed by the General Investment Authority. With a total capital of 3.393 billion riyals, divided into 3.393 million shares, this will get the more than one billion riyals through bidding. The "Knowledge City" is considered as the second economic city to offer for subscription after King Abdullah Economic City, remaining are Prince Abdulaziz bin Mussad in Hail and Jizan Economic City.
The Knowledge Economic City is based on the idea of (knowledge Concept), including tourism and trade sectors, also the trade exchanges for thousands of pilgrims and visitors, and will create a fully integrated and distinctive environment in providing the best services and facilities for the business sector that will match with the modern and future technology. The city will cover a land area of 4.8 million square meters, and will be the first city of its kind based on the knowledge-based industries in the country and is the fourth economic city within the plan of the General Investment Authority aimed at settling the Saudi capital, attracting investment from around the world.
The CMA also approved to offer 10.5 million shares for the public subscription, representing 30 percent of Al Hassan Ghazi Ibrahim Shaker Subscription Co. shares, and part of it will be customized for the investment funds. The company shares will be offered during the period of 26 - to 2nd April in 2010, and that is after the completion of the order registration process. The company brochure will be announced before the subscription starting date well .The brochure contains information and data required for the investor to observe before deciding to invest, including the company financial statements and adequate information about their activities and management.
Al Hassan Ghazi Ibrahim Shaker Co. has signed at the end of last year an agreement with the Jadwa Investment, whereby Jadwa as financial adviser and subscription director for the bidding arrangement.
AlHassan Ghazi Ibrahim Shaker Co. achieved a strong growth during the last years for its activities and focus on the local markets. Hassan Shaker, The General Director of the company declared that ''The bidding is a big step for any company which is part of our strategy that aims to gain access to the financial market and thus continued growth and expansion of the company''.
It's known that Shaker Co. is the agent and distributor of LG Company air conditioners, and the global partner for LG Shaker Co. Ltd. (Joint Investment)
This is the largest joint venture between the Kingdom private sector and LG Electronics Korean Company for air conditioners various kinds and production, through its plant in Al Industrial Development City, where the manufacturing and production process under the supervision of engineers from the Korean company LG Electronics and in accordance with the international standards
Meanwhile, the CMA announced their agreement to put up three insurance companies for public subscription, which are: Solidarity Saudi Takaful with a capital of 555 million riyals, and will offer 22.2 million shares for public subscription, representing 40 percent of the company shares. Amana Insurance Co. with a capital of 320 million riyal.22.2 million shares will be offered for public subscription, representing 40 percent of the company shares.
The National Company for Cooperative Insurance with a capital of 100 million riyals, and will be offered three million shares for public subscription, representing 30 percent of the shares of the company. And these companies will be offered with ten riyals per share, during the period from 22 to 28 March, which will subscribed to each company a number of received banks not less than three, which it will be announced at a later time. The Company's brochure will be published before the subscription date. The brochure contains information and data required for the investor to observe it before deciding, especially the financial statements of the Company and adequate information about their activities and management.
