Advanced Building Industries Co. — Capital/Financing Update 2003

Dec 2, 2003

ZAMIL ESTABLISHES SAR 48.8 MILLION (US$ 13 MILLION) NEW COMPANY

2240 · 02/12/2003 10:13:43 · Announcement #5060 · View on Saudi Exchange

ZAMIL ESTABLISHES SAR 48.8 MILLION (US$ 13 MILLION) NEW COMPANY

Zamil Industrial Investment Company (ZIIC), Chairman, Dr. Abdulrahman Al Zamil, announced in a press release that ZIIC will establish a new venture with Al Zamil Group and Aerated Concrete Industries Company KSC (ACICO) of Kuwait. The new company will be called ?Saudi Aerated Concrete Industries Company Ltd.?, ZIIC as well as Al Zamil Group will hold 27.5% stake each and the remaining 45% will be held by ACICO from the total paid up capital of SAR 48.8 million (US$ 13 million). Dr. Al Zamil said, ?We have obtained the Industrial License to launch this Dammam based company. The new company will produce light weight reinforced concrete blocks and partition walls?. He added the Commercial Registration will be issued shortly. We have applied for a land to construct the factory, which will be located in Dammam 2nd Industrial City. The Saudi Aerated Concrete Industries Company Ltd. is expected to start production in Q3 2004."

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