Advanced Building Industries Co. — Capital/Financing Update 2002

Sep 14, 2002

ZAMIL INDUSTRIES ACQUIRES EXTRA 15% STAKE IN GEOCLIMA

2240 · 14/09/2002 08:30:00 · Announcement #4445 · View on Saudi Exchange

ZAMIL INDUSTRIES ACQUIRES EXTRA 15% STAKE IN GEOCLIMA

Zamil Industrial Investment Co. (ZIIC) of Saudi Arabia recently announced that it has decided to further expand its international reach through GeoClima, Italy, and increased its capital ownership by 15 percent, bringing its total shareholding in the company to 85 percent. Mr. Adib Al-Zamil, ZIIC managing director, said that ZIIC has originally ?acquired 70 percent of GeoClima in the third quarter of 2000. GeoClima, based in Italy, is a company specialized in manufacturing Water Chillers, a major component in central air conditioners? manufacturing that is used for commercial and industrial projects that complements to its world class air conditioning product range.? It is also worth mentioning that ZIIC through Zamil Air Conditioners (ZAC), one of ZIIC three units, owns the technology of GeoClima in designing and manufacturing Chillers with capacities ranging from 10 to 600 tons. ?ZAC has transferred the technology to Saudi Arabia and has started manufacturing applying the technology in its factories in Dammam? says Mr. Adib Al-Zamil.

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