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August 16, 2008
SIIG announcement
regarding the startup of its second project (Jubail Chevron Phillips):
SIIG
would like to announce to its shareholders the startup of its second
project, the Jubail Chevron Phillips Project, which will produce
750kta of Styrene and
150kta of Propylene. The project was built at a cost of
SR 4.5 Billion.
The
project expects to begin exporting shipments in September
2008, the period prior to the first shipment will be
used to buildup inventory. Production quantities will increase during
the next three months until the facility reaches full capacity.
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August 16, 2008
SIIG announces its estimated financial results for the period ending
July31st:
SIIG
announces that its estimated Financial Results for the period from
January 1,
2008 to July 31, 2008, show a net income after Zakat of (295) Million Saudi Riyals compared
to (249)
Million Saudi Riyals for the same period of last year (2007) and with an increase of 18%. It is noted that no profits
where realized during the month of July which is due to the following
two reasons:
1.
The July numbers included the total operational and non-operational
expenses of SIIG’s second project, the Jubail Chevron Phillips Co.
whereas no sales have been recorded during the month.
2.
Even though the power outage experienced on the
23rd of July in the Jubail Industrial City,
did not directly affect our operations, the linkage we have with other
project in the area, caused a reduction in the quantity of feedstock
coming into the plant by around 40%, which caused a reduction in the
production quantity.
It is anticipate that the feedstock quantity coming into the plant
return to its normal level this week.
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July
20, 2008
SIIG announces its results up to
the end of June 2008:
SIIG
announces that its financial results for the period ended on June 30,
2008 showed a net income after Zakat of 295 Million Saudi Riyals.
Complete financial statements can be found
here.
Income from operations reached 267 Million Saudi Riyals for the period
ended on June 30, 2008 compared to 169 Million Saudi Riyals for the same
period of last year 2007 showing an increase of 58% as well.
Earnings Per Share (EPS) for the period Ended on June 30, 2008 reached
to .77 Riyal compared to .85 Riyal for the same period of last year
2007. The Number of Outstanding Shares was doubled during this period
due to capital increase process. It should be noted that the same period
of last year includes 70-day shutdown to maintenance workings.
It was noted in the interim consolidated financial statements of SIIG
that some line items from interim financial statements of SIIG and its
subsidiaries were reclassified for consolidation purposes.
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July
12, 2008
SIIG announces its estimated
financial results for the period ending June 30th:
SIIG
announces that its estimated Financial Results for the period from
January 1, 2008 to June 30, 2008, show a net income after Zakat of (294)
Million Saudi Riyals compared to (192) Million Saudi Riyals for the same
period of year 2007. We would also like to remind our
shareholders that last year the plant was shutdown for a period of 70
days.
SIIG will be
announcing its audit statements once they are finalized by the auditor.
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June 9, 2008
SIIG announces its estimated
financial results for the period ending May31st:
SIIG
announces that its estimated Financial Results for the period from
January 1, 2008 to May 31, 2008, show a net income after Zakat of (242)
Million Saudi Riyals compared to (126) Million Saudi Riyals for the same
period of year 2007.
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June 3, 2008
SIIG announces the date of its
2007 dividend distribution.:
SIIG announces that it will start the distribution of its 2007 dividend,
for (SR0.50 per Share) on the 5th June 2008. Shareholders registered on
the end of trading on the day of the GA approval 24th of May 2008 are
eligible for this dividend.
The National Commercial Bank (NCB), will transfer the funds directly to
the shareholders bank account.
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May 25, 2008
SIIG announces the results of its
Ordinary & Extraordinary General Assembly meeting:
SIIG announces the results of its Ordinary & Extraordinary General
Assembly meeting, which were held on Saturday May 24, 2008. In which its
shareholder approved all of the items in both meeting, including:
Ordinary General Assembly agenda items :
1.Approval of the financial statements of the fiscal year 2007.
2.Approval of the Board of Directors annual report for the fiscal year
2007.
3.Releasing the Board of Directors' responsibilities for the fiscal year
2007.
4.Approval of the Board of Directors’ recommendation to distribute cash
dividend totaling SR 225 Million (SR0.50/share or 5% of the par value).
5.Choosing the external auditor for, the 2008 fiscal year, recommended
by the audit committee and determining the audit fees
6.Approval of the new Audit committees rules. Which include the method
of selection, term length, and roles.
7.Approval of the hiring and compensation committee rules. Which include
the method of selection, term length, and roles.
Extraordinary
Ordinary General Assembly agenda items :
1.Reducing the number of Board members from 11 to 9 members and
modifying articles 15 and 22 of the bylaws to reflect this reduction.
2.The Ratification of the agreements signed relating to the Saudi
Polymers Company Petrochemical Project, specifically the shareholder and
sponsor support and subordination agreement, a guarantee agreement, Loan
agreement and the definitions agreement.
SIIG will be issuing a statement regarding the Dividend distribution at
a later date
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May 25, 2008
SIIG announces the Mechanical
Completion of its second project (the Jubail Chevron Phillips).
SIIG announces that it has reached mechanical completion of its second
project the Jubail Chevron Phillips Co. project. Initial feedstock
feeding has started. The company hopes to be in production by the end of
June.
The project
was built at a cost of SR 4,500 Million, and will produce 750kta of
Styrene and 150kta of Propylene.
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May 25, 2008
SIIG announces the results of its
Ordinary & Extraordinary General Assembly meeting:
SIIG announces the results of its Ordinary & Extraordinary General
Assembly meeting, which were held on Saturday May 24, 2008. In which its
shareholder approved all of the items in both meeting, including:
Ordinary General Assembly agenda items :
1.Approval of the financial statements of the fiscal year 2007.
2.Approval of the Board of Directors annual report for the fiscal year
2007.
3.Releasing the Board of Directors' responsibilities for the fiscal year
2007.
4.Approval of the Board of Directors’ recommendation to distribute cash
dividend totaling SR 225 Million (SR0.50/share or 5% of the par value).
5.Choosing the external auditor for, the 2008 fiscal year, recommended
by the audit committee and determining the audit fees
6.Approval of the new Audit committees rules. Which include the method
of selection, term length, and roles.
7.Approval of the hiring and compensation committee rules. Which include
the method of selection, term length, and roles.
Extraordinary
Ordinary General Assembly agenda items :
1.Reducing the number of Board members from 11 to 9 members and
modifying articles 15 and 22 of the bylaws to reflect this reduction.
2.The Ratification of the agreements signed relating to the Saudi
Polymers Company Petrochemical Project, specifically the shareholder and
sponsor support and subordination agreement, a guarantee agreement, Loan
agreement and the definitions agreement.
SIIG will be issuing a statement regarding the Dividend distribution at
a later date.
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May
19, 2008
SIIG reminds its Shareholders of
the upcoming Ordinary & Extraordinary General Assembly:
SIIG would like to remind its shareholders that it will hold its
upcoming Ordinary & Extraordinary General Assembly meeting next Saturday
May 24, 2008 at 7:00pm at the Riyadh Marriott Hotel. Any shareholder
with 10 or more shares can attend the meeting.
Ordinary General Assembly meeting agenda items are:
1.Approval of the financial statements of the fiscal year 2007.
2.Approval of the Board of Directors annual report for the fiscal year
2007.
3.Releasing the Board of Directors' responsibilities for the fiscal year
2007.
4.Approval of the Board of Directors’ recommendation to distribute cash
dividend totaling SR 225 Million (SR0.50/share or 5% of the par value).
5.Choosing the external auditor for, the 2008 fiscal year, recommended
by the audit committee and determining the audit fees
6.Approval of the new Audit committees rules. Which include the method
of selection, term length, and roles.
7.Approval of the hiring and compensation committee rules. Which include
the method of selection, term length, and roles.
Extraordinary General Assembly meeting agenda items are:
1.Reducing the number of Board members from 11 to 9 members and
modifying articles 15 and 22 of the bylaws to reflect this reduction.
2.The Ratification of the agreements signed relating to the Saudi
Polymers Company Petrochemical Project, specifically the shareholder and
sponsor support and subordination agreement, a guarantee agreement, and
the definitions agreement.
Registration on the day of the meetings will start at 5pm. Noting that
at least 50% of the company shares have to be represented at the meeting
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May
11, 2008
SIIG announces its estimated
financial results for the period ending April 30th.
SIIG announces that its estimated financial results for the period from
January 1, 2008 to April 30, 2008, show a net income after Zakat of
(193) Million Saudi Riyals compared to (63) Million Saudi Riyals for the
same period of year 2007.
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May
5, 2008
SIIG announces the disclosure of
its shareholder distribution.
SIIG would like to inform its shareholders, that it has received the
Capital Market Authority's approval to post on its website
(www.siig.com.sa), a page with the title of "Shareholder Distribution
Table". Which will show the total number of shareholders, how the shares
of the company are distributed among its shareholder, and percentage
owned. This information will be updated frequently. To see the latest
table, please click here.
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May
3, 2008
SIIG announces the addition of an
extra agenda item in the upcoming Extraordinary general assembly
:
SIIG announces the addition of an extra agenda item in the upcoming
Extraordinary General Assembly meeting on Saturday May 24, 2008 at
7:00pm at the Riyadh Marriott Hotel.
The agenda item to be added is “The Ratification of the agreements
signed relating to the Saudi Polymers Company Petrochemical Project,
specifically the shareholder and sponsor support and subordination
agreement, the guarantee agreement, and the definitions agreement."
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April
21, 2008
SIIG announces
its upcoming Ordinary & Extraordinary General Assembly:
SIIG announces that it will hold its upcoming Ordinary & Extraordinary
General Assembly meeting on Saturday May 24, 2008 at 7:00pm at the
Riyadh Marriott Hotel. Any shareholder with 10 or more shares can attend
the meeting.
Ordinary General Assembly meeting agenda items are:
1) Approval of the financial statements of the fiscal year 2007.
2) Approval of the Board of Directors annual report for the fiscal year
2007.
3) Releasing the Board of Directors' responsibilities for the fiscal
year 2007.
4) Approval of the Board of Directors’ recommendation to distribute cash
dividend totaling SR 225 Million (SR0.50/share or 5% of the par value).
5) Choosing the external auditor for, the 2008 fiscal year, recommended
by the audit committee and determining the audit fees
6) Approval of the new Audit committees rules. Which include the method
of selection, term length, and roles.
7) Approval of the hiring and compensation committee rules. Which
include the method of selection, term length, and roles.
Extraordinary General Assembly meeting agenda items are:
1) Reducing the number of Board members from 11 to 9 members and
modifying articles 15 and 22 of the bylaws to reflect this reduction.
Registration on the day of the meetings will start at 5pm. Noting that
at least 50% of the company shares have to be represented at the
meeting.
Shareholders who unable to attend can authorize another shareholder to
attend on his behalf.
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April
19, 2008
SIIG announces its results up to
the end of March 2008.
SIIG
announces that its financial results for the period ended on March 31,
2008 showed a net income after Zakat of 137 Million Saudi Riyals.
Complete financial statements can be found here.
Income from operations reached 130 Million Saudi Riyals for the period
ended on March 31, 2008 compared to 53 Million Saudi Riyals for the same
period of last year 2007 showing an increase of 145% as well.
Earnings Per Share (EPS) for the period Ended on March 31, 2008 reached
to .36 Riyal compared to .30 Riyal for the same period of last year
2007. The Number of Outstanding Shares was doubled during this quarter
due to capital increase process.
It was noted in the interim consolidated financial statements of SIIG
that some line items from interim financial statements of SIIG and its
subsidiaries were reclassified for consolidation purposes.
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Mar
17, 2008
SIIG announces the
start of reimbursement for the shareholders who did not execute their
rights.
SIIG
started today 17/3/2008 the
reimbursement of those shareholders who did not execute their rights in
SIIG’s recent Rights Issue offering to increase its capital. The total
amount available for distribution was SR129,345,531, which represent the
total difference between with offering price (SR10) and the bid prices
for the unsubscribed shares, which totaled 6,524,963 shares (2.9% of the
total shared offered). Thus each shareholder, who did not subscribe will
recive about SR19.82 per share he owned and did not subscribe to. All
amounts will be deposited into the current accounts linked to the
investor’s portfolios.
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Mar
11, 2008
SIIG announces the
results of its Right Issue Offering.
SIIG’s
Right Issue was very successful as the offering was oversubscribed, in
value, by 153%. SAMBACapital, Financial Advisor and the lead manager of
the offering has announced that the Capital Market Authority (CMA) has
approved the allocation of shares.
The total number of shareholder who exercised their rights and
subscribed were (12,112)shareholder, representing (76%) of the total
number of eligible shareholders. These shareholders subscribed to
(218,475,037) shares, out of the(225) million shares offered, meaning a
coverage of around (97.1%). The number of eligible shareholders who did
not exercise their right was (3,765) shareholder, or (24%) of the total
number of eligible shareholders, the total unsubscribed shares was
(6,524,963) representing (2.9%) of the total number of shares before the
capital increase.
The amounts in excess of the offering price will be distributed among
the shareholders who did not exercise their right, after deducted the
bank costs. The amount per share, and the distribution date will be
announced in the very near future.
Regarding the additional shares, all shareholders who bid at (32SR) will
recive the entire number of shares they requested, the total number of
these shares where (4,795,878) shares, while the rest of the additional
shares that were not subscribed to by the eligible
shareholders,(1,729,085) shares will be distributed among the
shareholders who bid at (25SR), according to the proportion they own in
the company. The surplus amounts are to returned starting today the 11th
of March 2008.
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Mar
9, 2008
SIIG announces the
initial results for the month of Feb 2008.
SIIG
announces its initial results for the month of
February 2008, which
show a net income, after Zakat, of (87) Million Saudi Riyals compared to
(72) Million Saudi Riyals for the same month of year 2007.
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Feb 24, 2008
SIIG announces its
Audited financial results
for 2007.
SIIG
announces that its financial results for the period ended on December
31, 2007 showing a net income after Zakat of
437 Million Saudi Riyals.
Income from operations reached 478 Million Saudi Riyals for the period
ended on December 31, 2007 compared to 635 Million Saudi Riyals for the
same period of last year 2006 showing a decrease of 24,7% as well. As
mentioned earlier, the downturn in net income was caused by the 70-day
production shutdown of the first project for the purpose of completing
the scheduled maintenance and the joint between the first project (Saudi
Chevron Phillips) and the second project (Jubail Chevron Philips).
SIIG announces that its interim financial results for the Fourth quarter
period ended on December, 2007 showed a net income after Zakat of 100
Million Saudi Riyals compared to 147 Million Saudi Riyals for the same
period of last year 2006 with a decrease of 47 Million Saudi Riyals
(32%).
Earnings Per Share (EPS) for the period Ended on December 31, 2007
reached to 1.94 Riyal compared to 2.61 Riyal for the same period of last
year 2006.
It was noted in the consolidated financial statements of SIIG that some
line items from financial statements of SIIG and its subsidiaries were
reclassified for consolidation purposes.
Complete financial statements can be found
here.
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Feb 20, 2008
SIIG announces its readiness for
the upcoming right issue subscription.
In
preparation for it Capital Increase through a Rights Issue, SIIG has
signed the Underwriting agreement with both SAMBACapital and
RiyadCapital. The company has also signed the Receiving banks agreement
with SAMBA, RiyadBank, National Commercial Bank and Saudi British Bank (SABB).
SIIG would
like to remind its shareholders that the subscription will start next
Saturday the 23rd of February 2008 and end on Wednesday 5th of March
2008. The rights issue will be for an additional 225 Million Shares at
SR10 / Share, with no premium and on 1:1 share basis. Only shareholder
owning shares at the end of trading on the 5th Feb 2008 are eligible for
this subscription.
Capital
Market Authority has regulated that all shareholders that have fully
subscribed to their eligible shares, are also
eligible to subscribe to additional shares that where not subscribed to
by their original owners. The purchase price for these additional shares
can be bid using any one of the following prices 1. SR10, 2. SR17, 3.
SR25 and 4. SR32. Noting that only one share can be chosen. The
unsubscribed shares will be distributed to those who bid the highest
amount first, then if the highest tier doesn't' cover the total amount
of unsubscribed shares, the second will be used, and so on. The
additional amount over the subscription amount (SR10) will be
distributed
to the shareholders who did not subscribe to their eligible shares.
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Feb 19, 2008
SIIG receives approval for a loan
of SR3 Billion for its third project, Saudi Polymers Company.
The board
of directors of the Public Investment Fund has provided final approval
of a loan of SR 3 Billion, to fund Saudi Industrial Investment Group’s
third project, Saudi Polymers Company, which is being developed jointly
with Arabian Chevron Phillips Petrochemical Co.
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Feb 10, 2008
SIIG announces the
financial results for the month of January 2008.
SIIG
announces its financial results for the month of January 2008, which
show a net income, after Zakat, of (45) Million Saudi Riyals compared to
(55) Million Saudi Riyals for the same month of year 2007.
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Feb 9, 2008
SIIG announces the Dates of its
upcoming Capital increase through a Rights Issue.
SIIG has
received approval from the CMA regarding the dates of subscription for
its Capital increase through a Rights issue. The subscription will start
on Saturday 23rd of February 2008 and end on Wednesday 5th of March
2008. The rights issue will be for an additional 225 Million Shares at
SR10 / Share, with no premium and on 1:1 share basis. Only shareholder
owning shares at the end of trading on the 5th Feb 2008 are eligible for
subscribing.
Capital
Market Authority has regulated that all shareholders that have fully
subscribed to their eligible shares, as explained above, are also
eligible to subscribe to additional shares that where not subscribed to
by their original owners. The purchase price for these additional shares
can be bid using any one of the following prices 1. SR10, 2. SR17, 3.
SR25 and 4. SR32. Noting that only one share can be chosen. The
unsubscribed shares will be distributed to those who bid the highest
amount first, then if the highest tier doesn't' cover the total amount
of unsubscribed shares, the second will be used, and so on. The
additional amount over the subscription amount (SR10) will be
distributed
to the shareholders who did not subscribe to their eligible shares.
Lead Bank for this subscription
will be SAMBACapital. Receiving banks are SAMBA, RiyadBank, National
Commercial Bank and SAAB. All oversubscribed amounts will be returned no
later than the 11th of March 2008>
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Feb 6, 2008
SIIG announcement regarding
the startup of its
Jubail Chevron Phillips Project.
SIIG's
Board of Directors have been updated in regards to the startup of its
second project, the Jubail Chevron Phillips Project, were as the
mechanical handover from the contractor to the operation team has
started from January, this is still ongoing, and will continue until the
end of the first quarter. After which preparation for testing the
operation of the entire facility, which is then followed by commercial
operations, this is targeted for the second quarter. The company will be
issuing a more detailed schedule once that becomes available.
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Feb 6, 2008
SIIG
announces its Board of Directors
recommendation for Cash dividends for the year 2007.
SIIG's board of directors has announced in their
meeting on the 5th of Feb, its recommended to the GA
to distribute cash dividends of (225
Million Saudi Riyal) equivalent to 5% of
the capital (after the current capital
increase), or 0.50SR per share, this will be
presented to the GA regular meeting during the 2nd Quarter of this year.
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Feb 6, 2008
SIIG
announces the results of its Extraordinary General Assembly
which approved its capital increase through a rights
issue.
SIIG's Extraordinary General Assembly, which took place on Tuesday the
5th of Feb, 2008 at 6:30pm at the Riyadh Marriott Hotel, resulted in the
shareholders approval of all recommendations by the board of directors
as follows:
1. Approval of the company's capital increase from SR 2,250 Million (225
Million shares) to SR 4,500 Million (450 Million shares) by offering its
shareholders one share for each share owned on the end of trading on the
day of the EGA (1:1). Each new share will be offered at cost (SR10).
2. Approval of changing article No. 7 of the company bylaws to include
the change in capital as stated above.
Further details about the
rights issue will be announced soon.
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Feb 3, 2008
SIIG would
like to remind its Shareholders of
its upcoming Extraordinary General Assembly (EGA),
which is to approve its Capital Increase through a Rights Issue.
SIIG would like to remind it shareholders of its upcoming Extraordinary General
Assembly meeting next Tuesday
the 5th of Feb, 2008 at 6:30pm at the Riyadh Marriott
Hotel, and will discuss the following:
1. Approval of the company's capital increase
from SR 2,250
Million
(225
Million
shares) to SR 4,500
Million
(450
Million
shares) by offering its shareholders one share for
each share owned on the end of trading on the day of the EGA
(1:1).
Each new share will be offered at cost (SR10).
2. Approval of changing article No. 7 of the company bylaws to include
the change in capital as
stated above.
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Jan
16, 2008
SIIG announces that its financial
results for the period ended on December 31, 2007 showed a net income
after Zakat of 448 Million Saudi Riyals. Complete financial statements
can be found here.
SIIG Income from operations reached 477 Million Saudi Riyals for the
period ended on December 31, 2007 compared to 569 Million Saudi Riyals
for the same period of last year 2006 showing a decrease of 16.2% as
well. As mentioned earlier, the downturn in net income was caused by the
70-day production shutdown of the first project for the purpose of
completing the scheduled maintenance and the joint between the first
project (Saudi Chevron Phillips) and the second project (Jubail Chevron
Philips).
SIIG announces that its interim financial results for the Fourth quarter
period ended on December, 2007 showed a net income after Zakat of 110
Million Saudi Riyals compared to 147 Million Saudi Riyals for the same
period of last year 2006 with a decrease of 37 Million Saudi Riyals
(25.2%).
Earnings Per Share (EPS) for the period Ended on December 31, 2007
reached to 1.99 Riyal compared to 2.61 Riyal for the same period of last
year 2006.
It was noted in the interim consolidated financial statements of SIIG
that some line items from interim financial statements of SIIG and its
subsidiaries were reclassified for consolidation purposes.
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Jan 2, 2008
SIIG announces
its upcoming Extraordinary General Assembly (EGA),
which is to approve its Capital Increase through a Rights Issue.
SIIG announces that it will hold its upcoming Extraordinary General
Assembly meeting on Tuesday Feb 5, 2008 at 6:30pm at the Riyadh Marriott
Hotel, and will discuss the following:
1. Approval of the company's capital increase
from SR 2,250
Million
(225
Million
shares) to SR 4,500
Million
(450
Million
shares) by offering its shareholders one share for
each share owned on the end of trading on the day of the EGA
(1:1).
Each new share will be offered at cost (SR10).
2. Approval of changing article No. 7 of the company bylaws to include
the change in capital as
stated above.
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Dec
16, 2007
SIIG announces the signing of EPC
contracts and receiving commercial funding for its third project (NCP).
SIIG
announced today that it has, with its partner Arabian Chevron Phillips
Petrochemical Company Limited (ACP), a wholly-owned subsidiary of
Chevron Phillips Chemical Company LLC, achieved two major milestones in
its third project, NCP (Which is expected to cost over SR 18 Billion).
These milestones are:
The signing of EPC contracts for its NCP project with both JGC (Japan)
and Daelim (Korea).
The sponsors have already received interest from 20 Saudi, Regional and
International banks to provide commercial loans in access of SR 7
Billion. This funding is in addition to funding from the Saudi
Industrial Development Fund, the Public Investment Fund and the capital
being raised by both shareholders.
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Dec
12, 2007
SIIG's announcement regarding its
upcoming capital increase.
The Saudi
Industrial Investment Group (SIIG) would like to inform its shareholders
that based upon the Capital Market Authority’s (CMA) approval to double
SIIG’s capital, by issuing one share for each share, in a Rights Issue,
at SR10 each, with no premium. That it has submitted a request to the
Ministry of Commerce to hold its Extraordinary General Assembly (EGA) on
the 5th of February 2008. The company will formally announce the date
after receiving approval from the Ministry.
Regarding the Subscription dates, that would be set at the closest
possible date following the EGA, and after receiving approval from the
CMA.
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Dec
9, 2007
SIIG announces its interim
financial results for the period ending November 30, 2007
SIIG
announces that its interim financial results for the period ending
November 30, 2007 show a net income after Zakat of (419) Million Saudi
Riyals compared to (533) Million Saudi Riyals for the same period of
last year 2006.
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Nov 7, 2007
SIIG announces its interim
financial results for the period ending October 31, 2007
SIIG
announces that its interim financial results for the period ending
October 31, 2007 show a net income after Zakat of (380) Million Saudi
Riyals compared to (482) Million Saudi Riyals for the same period of
last year 2006.
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Oct 30, 2007
SIIG announcement regarding its
Jubail Chevron Phillips Project.
SIIG would
like to clarify, that similar to other major Petrochemical projects, its
Jubail Chevron Phillips (JCP) Project, has two completions dates. The
first is the mechanical completion date, during which the site is handed
over from the contractor to the project operations. After that, testing
of all the equipment takes an additional period of 8 to 12 weeks, which
is followed by commercial operations.
The fourth
quarter of 2007 was the original date of mechanical completion for the
JCP project. But due to the fact, that the contractor is experiencing
difficulties in labor recruitment efforts, the project is experiencing
delays. Currently mechanical completion is expected to happen during
January 2008, which will cause commercial operations to be pushed back
to the end of March 2008. SIIG will provide additional announcements
once dates have been confirmed.
The JCP project construction began in the fourth quarter of 2004. At a
cost of SR 4.5 Billion, and will produce 750kta of Styrene and 150kta of
propylene
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Oct 27, 2007
SIIG announces its results up to
the end of September 2007.
SIIG
announces that its financial results for the period ended on September
30, 2007 showed a net income after Zakat of 338 Million Saudi Riyals.
Complete financial statements can be found
here.
Income from operations reached 360 Million Saudi Riyals for the 9-month
period ended on September 30, 2007 compared to 440 Million Saudi Riyals
for the same period of last year 2006 showing a decrease of 18% as well.
As mentioned in our announcement on July 15, 2007, the downturn in net
income was caused by the 70-day production shutdown of the first project
for the purpose of completing the scheduled maintenance and the joint
between the first project (Saudi Chevron Phillips) and the second
project (Jubail Chevron Philips).
SIIG announces that its interim financial results for the Third quarter
period ended on September 30, 2007 showed a net income after Zakat of
145 Million Saudi Riyals compared to 160 Million Saudi Riyals for the
same period of last year 2006 with a decrease of 15 Million Saudi Riyals
(9%). This reduction is due to decline in the price of some products.
Earnings Per Share (EPS) for the period Ended on September 30, 2007
reached to 1.5 Riyal compared to 1.95 riyal for the same period of last
year 2006.
It was noted in the interim consolidated financial statements of SIIG
that some line items from interim financial statements of SIIG and its
subsidiaries were reclassified for consolidation purposes.
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Sep 15, 2007
SIIG announcement regarding its
capital Increase.
In
reference to the Capital Market Authority’s approval for SIIG’s capital
increase, in order to fund its equity portion of the company’s third
project.
Some significant issues have happened since the above referenced
approval was announced. Thus SIIG has decided to resubmit its
application to the CMA, this is to update the prospectus to reflect the
following changes:
1. Based on
the most recent estimates, that show an increase in project cost, and
the increase of project scope to include an additional Adipic-Acid and
Nylon plant, thus SIIG equity required for the project will increase
from SR2,100 Million to SR2,800 Million. This amount will be funded from
the following two sources:
a. Rights Issue totaling SR 2,250 Million.
b. SIIG Retained Earning SR 550 Million.
2. The Rights Issue of a total SR 2,250 Million will only be for SIIG
shareholders registered at end of trading on the day of the extra
ordinary General Assembly meeting that approves the capital increase.
This meeting is currently being targeted for the end of this year.
3. SIIG Board of Directors also recommends to the GA, the issues of
these new shares at SR10 (at Par, with no premium). This means that the
number of SIIG shares will double from 225 Million shares up to 450
Million shares.
4. SIIG will use the proceeds from this capital increase, to fund the
creation of a new Joint Stock Company (Petrochem), which will eventually
be owned by SIIG and the general public (IPO), with 50% each. The IPO
portion will also be offered at par. This new Joint stock company will
own 65% of the third project, with the remaining 35% owned by
ChevronPhillips.
All of the
above is pending the approval of the relevant official agencies.
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Sep 11, 2007
SIIG announces that its interim
financial results for the period ended on August 31, 2007
SIIG
announces that its interim financial results for the period ended on
August 31, 2007 show a net income after Zakat of 287 Million Saudi
Riyals compared to 389 Million Saudi Riyals for the same period of last
year 2006 |
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Aug 8, 2007
SIIG announces that its interim
financial results for the period ended on July 31, 2007
SIIG
announces that its interim financial results for the period ended on
July 31, 2007 show a net income after Zakat of 249 Million Saudi Riyals
compared to 330 Million Saudi Riyals for the same period of last year
2006 |
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July 15, 2007
SIIG announces its 2nd Quarter
results for 2007
SIIG
announces that its financial results for the period ended on June 30,
2007 showing a net income after Zakat of 193 Million Saudi Riyals.
Complete financial statements can be found
here.
Income from operations reached 206 Million Saudi Riyals for the first
6-month period ended on June 30, 2007 compared to 260 Million Saudi
Riyals for the same period of last year 2006 showing a decrease of 21%
as well.
SIIG announces that its interim financial results for the Second quarter
period ended on June 30, 2007 showed a net income after Zakat of 126
Million Saudi Riyals compared to 123 Million Saudi Riyals for the same
period of last year 2006 with an increase of 3 Million Saudi Riyals
(2.4%), which resulted in earnings per share of 56 Halalas compared to
55 Halalas for the same period of last year 2006.
The downturn in net income was caused by the 70-day production shutdown
of the first project (Saudi Chevron Phillips) that started on February
1, 2007 for the purpose of completing the scheduled maintenance and the
joint between the first project (Saudi Chevron Phillips) and the second
project (Jubail Chevron Phillips). However, the first project resumed
normal production on April 10, 2007.
It was noted in the interim consolidated financial statements of SIIG
that some line items from interim financial statements of SIIG and its
subsidiaries were reclassified for consolidation purposes.
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June 13, 2007
SIIG announces that its interim
financial results for the period ended on May 31, 2007
SIIG
announces that its interim financial results for the period ended on May
31, 2007 show a net income after Zakat of 126 Million Saudi Riyals
compared to 203 Million Saudi Riyals for the same period of last year
2006
The
decrease in earnings was the result of the 70-day shutdown period at
SIIG's first project (SCP) from February 1 to April 10. The project
resumed normal production in April. However, most of the production was
used to fill the tanks creating reserves of inventory.
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13 May 2007
SIIG announces the results of its
General Assembly
SIIG's Ordinary General Assembly resulted in the shareholders approval
of all recommendations by the board of directors as follows:
1.
Approval of the 2006 Board Report.
2.
Approval of the 2006 Financial Statements & Audit Report.
3.
Exonerate Board members for the fiscal year 2006.
4.
Approval of the board recommendation to distribute SR 225 million as
cash dividends, that is SR 1 per share, to the shareholders as on
January 6, 2007.
5.
Approval of the audit committee recommendation to hire the external
auditor for the fiscal year 2007 and his proposed fees.
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9 May 2007
SIIG announces its
estimate net income until the end of April 2007
SIIG announces that its interim financial
results for the period ended on April 30, 2007 show a net income after
Zakat of 63 Million Saudi Riyals compared to 165 Million Saudi Riyals
for the same period of last year 2006
The decrease in earnings was the result of the 70-day shutdown period at
the SIIG's first project (SCP) from February 1 to April 10. After
completing the scheduled maintenance, linking the first project
expansion, and linking the first project with the second one (JCP), the
project resumed normal production in April. However, most of the
production was used to fill the tanks creating reserves of inventory.
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8 May 2007
SIIG reminds its shareholder of
it upcoming Ordinary General Assembly meeting
SIIG announces that it will hold its
upcoming Ordinary General Assembly meeting on Saturday May 12, 2007 at
7pm at the Riyadh Marriott Hotel, and will discuss the following:
1. Approval of the 2006 Board Report.
2. Approval of the 2006 Financial Statements & Audit Report.
3. Exonerate Board members for the fiscal year 2006.
4. Approval of the board recommendation to distribute SR 225 million as
cash dividends, that is SR 1 per share, to the shareholders as on
January 6, 2007.
5. Approval of the audit committee recommendation to hire the external
auditor for the fiscal year 2007 and his proposed fees.
*This is a reminder of the original release on Tadawul.
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14
April
2007
SIIG announces its
financial results for the first quarter of 2007
SIIG announces that its interim financial
results for the period ended on March 31, 2007 showed a net income after
Zakat of 67 Million Saudi Riyals.
SIIG announces that its interim financial results for the first quarter
period ended on March 31, 2007 showed a net income after Zakat of 67
Million Saudi Riyals compared to 131 Million Saudi Riyals for the same
period of last year 2006 with a decrease of 64 Million Saudi Riyals
(49%), which resulted in earnings per share of 30 Halalas compared to 73
Halalas for the same period of last year 2006.
Income from operations reached 67 Million Saudi Riyals for the first
quarter period ended on March 31, 2007 compared to 130 Million Saudi
Riyals for the same period of last year 2006 showing a decrease of 49%
as well.
The downturn in net income was caused by the 75-day production shutdown
of the first project (Saudi Chevron Phillips) that started on February
1, 2007 for the purpose of completing the scheduled maintenance and the
joint between the first project (Saudi Chevron Phillips) and the second
project (Jubail Chevron Phillips). However, the first project resumed
normal production on April 10, 2007.
It was noted in the interim consolidated financial statements of SIIG
that some line items from interim financial statements of SIIG and its
subsidiaries were reclassified for consolidation purposes.
Click here to see the statements.
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10
March
2007
SIIG announces its
estimate net income until Feb 2007
SIIG net income from
the start of the year till 28/2/2007 is estimated to be around (72)
Million Riyal compared to (92) Million Riyals from the same period last
year.
SIIG would also like to
note that the SCP Plant has already started a 75 day scheduled shutdown
on the first of February in order to work on expansion work and link the
SCP project to the new JCP project.
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28 February
2007
SIIG announces its Audited
Financials Statements for 2006
SIIG announces that its audited
consolidated financial statements for the year ended 31/12/2006 showed
its operating income at SR 570 million (five hundred seventy million
Saudi Riyals) compared to SR 411 million (four hundred eleven million
Saudi Riyals) for the year ended 31/12/2005. The increase in operating
income of SR 159 million (one hundred fifty nine Saudi Riyals), which is
(39%), was due to increase in selling prices and steady production.
Net income after Zakat for the period ended 31/12/2006 amounted SR 587
million (five hundred eighty seven million Saudi Riyals) compared to SR
415 million (four hundred fifteen millions Saudi Riyals) for the year
ended 31/12/2005. The increase amounted SR 172 million (one hundred
seventy two million Saudi Riyals), which is (41%). Accordingly, earnings
per share increased to SR 2.61 (two Saudi Riyals & sixty one Halalas) in
the year 2006 compared to SR 2.30 (two Saudi Riyals & thirty Halalas) in
the year 2005.
The board of directors of SIIG changed the accounting policy during
2006. The company financial statements were consolidated with its
subsidiaries proportionately to its ownership percentage in those
subsidiaries. Thus, substantial changes were noted between the financial
statements for the year 2006 and previous years.
Click here to see the entire statements.
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15 January
2007
SIIG Announcement regarding its
Capital Increase
As per approval of CMA for SIIG to
increase its capital by SR 2.1 Billion for the purpose of financing its
third project, which is expected to cost more than SR 14 Billion, the
company will apply to the Ministry of Commerce and Industry to approve
the capital increase and to schedule the extraordinary general assembly
in order to obtain shareholders' approval.
To determine the number of shares to be issued and the share’s premium,
and since the company is
already listed, the board of directors declares that the price of
the rights issues and the public offering will
be determined after closing working day of Tadawul corresponding to the
extraordinary general assembly meeting day.
The issuing price will be determined by a formula taking into
consideration the market price after deducting the dilution effect
resulting from the increase in the number of shares outstanding and on
the condition that the number of shares would be without fractions.
50% of the issue will be as right issues to existing shareholders
recorded on the Company's records as on the closing of the working day
of Tadawul corresponding to the extraordinary general assembly meeting.
This would guarantee shareholders to purchase a number of shares
proportionate to the number of shares they own. The other 50% will be
offered to public. However, both shareholders and the public will be
entitled to purchase any excess from each others' share in the issuing.
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14 January
2007
CMA
Approves SIIG Capital Increase
SIIG applied to the
CMA a request to increase its capital by SR 2.1 Billion through
issuing new shares, 50% of which to be in the form of right issues to
existing shareholders recorded on the Company's records as on the
closing of the working day of Tadawul corresponding to the extraordinary
general assembly meeting, and the other 50% to be offered to the public.
The offering price and the number of shares will be determined by SIIG
after closing working day of Tadawul corresponding to the extraordinary
general assembly meeting.
After studying the application with regard to the surrounding
circumstances, regulations, the Companies' Law, and the memorandum of
understanding (MOU) between CMA and Ministry of Petroleum and Mineral
Resources, CMA announced its approval to SIIG capital increase as per
above. The prospectus for the right issues and the public offering will
be provided to the public free of charge.
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11 January
2007
4th Quarter
Results
SIIG announces that the un-audited interim
financial statements of the company show a net income of SR 593 MM (Five
Hundred Ninety Three Million Saudi Riyals) for the period ended
31/12/2006, compared to SR 413 MM (Four Hundred Thirteen Million Saudi
Riyals) for the period ended 31/12/2005, with an increase of SR 180 MM
(One Hundred Eighty Million Saudi Riyals) at 44% over the period ended
31/12/2005. Accordingly, the earnings per share for the period ended
31/12/2006 is SR 2.63 (Two Saudi Riyals & Sixty Three Halalas) compared
to SR 2.29 (Two Saudi Riyals & Twenty Nine Halalas) for the period ended
31/12/2005.
The interim operating income for the period ended 31/12/2006 is SR 550
MM (Five Hundred Fifty Million Saudi Riyals), compared to SR 397 MM
(Three Hundred Ninety Seven Million Saudi Riyals) for the period ended
31/12/2005, with an increase of 39%. The 4th quarter ended 31/12/2006
amounted to SR 154 MM (One Hundred Fifty Four Million Saudi Riyals),
compared to SR 78 (Seventy Eight Million Saudi Riyals) for the quarter
ended 31/12/2005. The change in income for the 4th quarter ended
31/12/2006 was due to increase in prices and stability of production.
Full Result can be seen here.
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