Filtraglass
Falorni Tech Glass Melting Technology

Al-Zamil forms joint stock company

30 July 1998: The Saudi Arabian firm Al-Zamil & Brothers has announced the formation of a closed joint-stock company grouping its steel buildings, air-conditioning and glass businesses. The move compl…

30 July 1998: The Saudi Arabian firm Al-Zamil & Brothers has announced the formation of a closed joint-stock company grouping its steel buildings, air-conditioning and glass businesses. The move completes the first part of plans to turn the new entity into a public shareholding company. Al-Zamil Industrial Investment Company is capitalised at SR 300 million (US$ 80 million), split into 6 million shares with a par value of SR 50 (US$ 13) each. Al-Zamil family members own 60% of the new company. The remaining equity was placed with local and GCC investors. Adeeb al-Zamil, the group“s financial controller, says the distribution was quite diverse and will open the company to further opportunities for growth. Kuwait-based Gulf Investment Corporation took a 10% stake in the company. Other GCC investors are the UAE“s Juma al-Majid Group; Al-Moayyad Group and Mohammed Jalal Group, both of Bahrain; and Qatar“s Al-Manie Group, Mannai Group and Qatar Insurance Company. Saudi investors include Olayan Group, Bin Mahfouz Group, Al-Turki Group, Kanoo Group, Al-Muhaidib Group and Saudi British Bank. In addition to the al-Zamil family holdings, some 22% of the company now lies in Saudi hands. GCC investors own a total of 18%. Under Saudi law, shareholders in a new joint-stock entity may not sell or trade their shares for two years, except to each other. After this, the company may apply for listing on the local stock market.

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news