Advanced Building Industries Co. — Capital/Financing Update 2012

Feb 18, 2012

ZAMIL INDUSTRIAL ANNOUNCES THAT ONE OF ITS SUBSIDIARIES AWARDED HOUSING PROJECT IN RIYADH WORTH SAR 245 MILLION

2240 · 18/02/2012 08:16:26 · Announcement #24112 · View on Saudi Exchange

ZAMIL INDUSTRIAL ANNOUNCES THAT ONE OF ITS SUBSIDIARIES AWARDED HOUSING PROJECT IN RIYADH WORTH SAR 245 MILLION

Rabiah & Nassar and Al Zamil Concrete Industries Company Ltd. (Ranco & Zamil), a 50-50 joint venture between Zamil Industrial Investment Co. (Zamil Industrial) and Rabiah and Nassar Group, has been awarded a new contract from Saudi Oger Ltd. worth SAR 245 million (USD 65.3 Million). The project entails the fabrication, supply and erection of Precast Villas for the Saudi Arabian National Guard Housing project located in the central region of Saudi Arabia.

The contract was signed on Wednesday, 15 February 2012 in Riyadh, Saudi Arabia.

The scope of the agreement includes the design, manufacture and installation of precast villas for the Saudi Arabian National Guard Housing project, an expansive project for guard personnel that also includes villas, schools, shops and mosques in Khashm-Alaan area, east of Riyadh.

Ranco & Zamil will begin the supply and installation of the precast villas during 2012, and continue through the end of the third quarter of 2013. The contract's positive impact on the company's consolidated financials will be visible upon completion of each stage of construction.

Commenting on this project award, Abdulla M. Al Zamil - CEO of Zamil Industrial and Managing Director of Ranco & Zamil said: We are delighted to accept this prestigious project and eager to execute the project, meeting the highest customer expectations. We believe that our company is one of the competent manufacturers of Precast Buildings and our expertise in providing high quality precast elements to international standards under strict quality control over the years helped us in winning this project.

Rabiah & Nassar and Al Zamil Concrete Industries Company Ltd. was formed in April 2008 and is based in Riyadh, Saudi Arabia. The company designs, manufactures and erects precast concrete buildings used for various applications including residential, schools, shopping malls, manufacturing plants, and wall panels in addition to fabrication of a variety of other concrete-based products.

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