Kingdom Holding Company chaired by HRH Prince Alwaleed bin Talal, the majority shareholder in Tasnee (National Industrialization Company) has announced that it has subscribed to 7,009,364 shares of Tasnee's rights issue offering for the value of SR130,8 million making KHC's total number of shares in Tasnee 28,701,374 and 6.23% of the company's capital.
Engineer Talal Al Maiman, Executive Director of Local Investments and Development at KHC who is a board member of Tasnee commented: "We have taken the decision to subscribe to our pro rata of the rights issue due to our strong belief that Tasnee is a well run company with huge real potential to deliver rewarding returns to its shareholders."
Tasnee increased its capital by 31.7% with a rights issue offering of 111.11 million shares to its subscribers that ended last week. The share price consists of a par value of SR10 and an issue premium of SR8. The rights issue was limited to the shareholders who are registered in the shareholders register at the general assembly day on 26th of May where the price of the share was determined by the company's board.
Tasnee was founded in 1985 as the first Saudi joint-stock company owned by the private sector. The company was set with a strong belief that industrialization is the correct choice for the economy diversification and accelerating the wheel of development in the Kingdom. Tasnee has been active in marketing its products and the establishment of many diversified projects including petrochemicals and has invested in other successful companies to support projects in area such as plastics, engineering, minerals and manufacturing services to establish Tasnee Petrochemicals that is based in Jubail and is currently working on two major projects: Saudi Polyolefins Company and Saudi Ethylene & Polyethylene Company.
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© Press Release 2008
