Beirut (APD) - Jubail Chemical Industries Company (JANA), a subsidiary of the Saudi-based Nama Chemicals Company, adopted an expansion plan to boost its annual epoxy production from 19,500 tons to 120,000 tons by 2010, NAMA Chemicals said on the Saudi Stock Exchange website, Tadawul on Wednesday.
In a first expansion phase, JANA decided to increase the annual capacity of its epoxy units to 60,000 tons by 2007.
Established in 1992 with an authorized capital of SR 300 million, JANA is joint stock company for the manufacture of liquid and solid epoxy resins.
It is owned to 51% by the Nama Chemicals Company, formerly known as Arabian Industrial Development Company (NAMA).
Earlier this month, the general assembly of NAMA's shareholders approved proposals to change the name of the company and to transfer its headquarters from Dammam to the Jubail Industrial City.
The general assembly also agreed to reduce the number of board members from nine to seven.
The share of NAMA closed at SR 532.5 on Tuesday down by 2.83% from its SR 548 close on Monday. [TS]
By Shikrallah Nakhoul, APD Staff Writer in Beirut
APD (Arab Press Digest) 2005
