Wednesday, Jun 27, 2007
BEIRUT (Zawya Dow Jones)--Saudi Arabia's Taiba Holding Co. said Wednesday its unit Arab Resort Areas Co. will raise its capital almost seven times to 500 million Saudi riyals ($133.32 million) from SAR75 million.
The shareholders approval of the capital increase on Monday comes in line with Arab Resort's plan to build and manage new hotels in Medina and Mecca to house visitors and pilgrims to the two Muslim holy cities, Taiba said in a statement on the Saudi Stock Exchange Web site.
Shareholders as on June 25 will be eligible to take part in the rights issue amounting to 42.5 million new shares. The new capital will be divided into 50 million shares and each share will have a par value if SAR10.
Arab Resort is a closed joint-stock company 64.64% owned by Taiba.
-By Shikrallah Nakhoul, Zawya Dow Jones, +961 1 985757, shikrallah@zawya.com
Copyright (c) 2007 ABQ Zawya Ltd.
(END) Dow Jones Newswires
27-06-07 0644GMT
