The increase was made possible by raising founder shares and through the contribution of new shareholders. Kuwait Investment Company, Falcon Cement Company’s largest investor helped bring this capital increase to fruition.
The announcement was made during the Company’s Extraordinary General Meeting of the Shareholders, held in Bahrain and was attended by representatives of the Ministry of Industry & Commerce.
At Falcon Cement Company’s Constituent General Meeting, held earlier, the company appointed its eight member Board of Directors consisting of: Mr. Nabil Mohammed Hadi, Mr. Ahmed Ali Karimi, Mr. Majid Abdulla Al Khan, Mr. Abdulwahab Saleh Al Mozaini, Mr. Alaa Hamad Al Roomi, Mr. Sameeh Abdulla Al Khan and Mr. Hasan Habib Hasan. Mr. Nabil Mohamed Hadi was appointed as Chairman and Mr. Ahmed Ali Karimi was appointed as Deputy Chairman. The Board’s Executive Committee was formed under the chairmanship of Mr. Nabil Mohamed Hadi and membership of Mr. Ahmed Ali Karimi, Mr. Majid Abdulla Al Khan and Mr. Alaa Hamad Al Roomi. BDO Jawad Habib was appointed as the Company’s auditors.
Falcon Cement Company recently appointed India-based ERCOM Engineering Company to develop the design of the new cement plant which will cover an area of more than two million square feet in the Hufaira Industrial Area. The plant’s first construction phase is expected to take place during the first quarter of 2006 at a total cost of US $45 million. This is the first project of its kind in the Kingdom and is in line with the high demand for building products in Bahrain due to the current construction boom.
“The cement consumption growth level amounts to 18% per year with a 50% price increase during the last two years in the Kingdom of Bahrain. This is due to the increase in volume and quantity of real estate projects that are expected to be carried out during the next seven to ten years, with a nominal value of US$6 billion,” said Nabil Mohammed Hadi, Chairman, Falcon Cement Company.
“With the completion of Bahrain’s first indigenous cement plant, Falcon Cement Company hopes to bridge the gap between the high demand in the Kingdom for cement and actual cement production, which is done outside the country. With the completion of the plant, we hope to provide jobs for over 130 skilled, young nationals,” added Mr. Hadi.
During his address at the Board Meeting Mr. Hadi thanked all the shareholders for their continued support and co-operation. He also expressed his appreciation to the BMA and the Ministry of Industry & Commerce represented by H.E. Dr. Hasan A. Fakhro for their full support which is in line with government policy to attract foreign investments for the country.
Tuesday, February 21- 2006 @ 16:23 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.