HBG Holdings welcomes SABIC Veteran Abdullah Nojaidi
Feb | 2010
Dubai, Jeddah February 7, 2010 – HBG Holdings, a leading Gulf based investment firm, has today announced the appointment of Mr. Abdullah Nojaidi as Chairman of its downstream petrochemical company: Polyvest.
Mr. Nojaidi has over 35 years experience in key leadership roles in the Gulf petrochemical industry, most notably with SABIC (“Saudi Basic Industries Corporation”), one of the world’s leading manufacturers of chemicals, fertilizers,plastics and metals. Mr. Nojaidi held various senior executive roles at SABIC including President of SABIC Marketing, a position he held for 15 years. As President, Mr. Nojaidi was responsible for launching SABIC Marketing and growing it into a leading provider of basic and intermediate chemicals and fertilizer products around the world. Mr. Nojaidi strengthened the focus on customer needs and reaffirmed SABIC's commitment to growing the most innovative product lines.
Muscat Finance Company: Shareholders agree to raise additional capital through rights issue
Feb | 2010
MUSCAT – According to the Chief Executive Officer of Muscat Finance Company Mr. Ajit Engineer, the following decisions were taken at the Board Meeting held on February 7, 2010.
1. The audited financial results of the company for the financial year 2009 were approved by the Board of Directors. These are subject to approval of the Central Bank of Oman and the shareholders of the company at the forthcoming Annual General Meeting scheduled for March 25, 2010.
2. Recommended a Cash dividend of 15% and a stock dividend of 10% for the year 2009, subject to approval of Central Bank of Oman and Shareholders of the company.
3. The Directors’ Report and the Report on Corporate Governance for the year 2009 were approved.
4. In line with the regulatory requirement, proposed to raise additional capital of RO. 4 million through issue of 40 million shares of 100 baizas each at par on right basis to the existing shareholders of the company.