Zamil goes public on Saudi Stock Exchange
The Zamil Industrial Investment Company (ZIIC) recently announced that it has gone public following its listing on the Saudi Stock Exchange. ZIIC’s board of directors made the decision after being instructed to do so by the Saudi Arabia Monetary Agency (SAMA), confirmed a company press release.
"With the support and the experience of the four major shareholders and the ZIIC board of directors, we are implementing new strategies and policies to help us gain entry to new markets and to maintain our overall sales performance," stated Al-Zamil Group Chairman Abdulrehman Al-Zamil.
ZIIC sales in 2000 totaled 125 million Saudi riyals ($33 million). Exports amounted to 40 percent of sales, to more than 62 countries worldwide. "Despite difficult economic conditions in domestic and international markets recently, and construction inevitably being amongst the most heavily affected sectors, we have still been able to declare a net profit of SR196 million for the last three years, and distributed SR 96 million as dividends among the shareholders at an average of SR32 million annually," Al-Zamil said.
Al-Zamil announced in 1998 that the family had decided to convert its air conditioner, steel and glass operations into a public company. ZIIC was capitalized at SR300 million, comprising six million shares. Hamad Abdullah Al-Zamil & Bros. Co. holds 60 percent of the shares and 40 percent of the shares have been privately placed with investors in Saudi Arabia and Gulf Cooperation Council (GCC) countries in accordance with the company's law.
The Zamil Group was established in 1938 by the late Abdullah Al-Zamil. After his death, ownership was transferred to his heirs who created and developed the organization, which became the Zamil Group of Companies. — (menareport.com)
© 2002 Mena Report (www.menareport.com)