News 2007

Dec 2007

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Intends to Float Part of its Capital for IPO in 2008
TAQA Assigns Samba as the Lead Manager and Financial Advisor

Mr. Eisa Al Eisa, Managing Director and CEO of Samba Financial Group, expressed his gratitude and appreciation for the Industrialization & Energy Services Company (TAQA) for choosing Samba Financial Group as the Financial Advisor and the Lead Manager for TAQA who intends to place part of its capital for IPO during 2008. Al Eisa said "we are proud to participate in this vital stage of TAQA history, which is considered to be a prominent pillar for the national industry, with a vision and capabilities that entitle it to assume a leading role in the national industry and technology transfer". Al Eisa further ascertained that the Company's selection of Samba Financial Group is based on the solid and broad base of many IPO's managed successfully by the Group, and considered to be the largest IPOs in the Kingdom's history.

The Agreement, which appointed Samba Financial Group as the IPO Financial Advisor and Lead Manager, was signed at Samba's Head Office by Dr. Abdul Aziz Saleh Al Jarbou', Chairman of TAQA, and Mr. Eisa Mohammad Al Eisa, Managing Director and CEO of Samba Financial Group.

Dr. Abdul Aziz Saleh Al Jarbou', Chairman of TAQA, said after signing the agreement, that the Company's intention to enter the public Domain falls within the privatization strategy of the Kingdom's Government and comes in line with Company's aspirations to provide opportunities to investors to benefit from its solid financial performance, generate strong returns, and achieve the Company's objectives to gain market recognition and transparency that would position its shares for future needed leverage and potential partnerships. Al Jarbou' added "our selection of Samba Financial Group as the Financial Advisor and Lead manger is based on our deep confidence in its experience and outstanding performance.

The industrialization & Energy Services Company (TAQA) was established in 2003 by the Ministerial Resolution No.494. With a present capital of SR 2000 million, TAQA is a major company that is specialized in industrial activities and power services in general and oil and gas sector in particular. It serves as a platform to attract equity partners and form strategic alliances, and plays the role of a project developer.

The Company participates in a spectrum of activities including the 4D repetitive technology for reservoir monitoring, as well as geophysical studies, oil and gas exploration and drilling, conducting geophysical surveys, establishment of a wide range of industries and services in support of the oil and gas, metals, petrochemicals, mining, electricity and water sectors, either directly or by forming specialized subsidiaries.

TAQA owns several important investments in a number of major industrial and power companies. TAQA owns 51% of each of Arabian Drilling Company (ADC), Arabian Geophysical and Surveying Company (ARGAS), and Jubail Energy Services Company (JESCO). It also owns 49% of Générale de Géophysique (CGG ARDISEIS) for 4D repetitive technology in GCC and Middle East Countries. Further, TAQA has established a company for manufacturing marine offshore structures at King Abdul Aziz Sea Port in Dammam jointly with AL-Rushaid Investment and Saipem (an International Company).