Date	News For the Year 2008
21-07-2008	The management  board  of  Saudi  Industrial  Services company  “SISCO” is  pleased  to  invite  the shareholders  for the eleventh, extra ordinary general assembly meetings on 10/08 /2008  corresponding to (09/ 08/1429 H). The management board of Saudi Industrial Services company “SISCO” is pleased to invite the shareholders for the eleventh, extra ordinary general assembly meetings which will be  held at 07: 30 pm in Jeddah Al-Hamra Sofitel hotel on 10/08/2008 corresponding (09/08/1429 H)).   The agenda for the meeting will consist mainly to approve the increase in company capital from SR 400 million to SR 722 million and determine the number and price of shares for offering.  The offering shall be closed only for shareholders registered in company’s books, as at closing of trading on the meeting date, in accordance with article (136) of company bylaws.  Shareholders who are not able to attend are requested to delegate legal representative who are empowered to vote on their behalf.
30-06-2008	CMA approved Saudi Industrial Services Co. (SISCO) request to increase its capital through a rights issue offering Saudi Industrial Services Co. (SISCO) announces the approval of its request to the Capital Market Authority (CMA) to increase its capital through a rights issue offering with a total value of SR (322) million. The rights issue is limited to the shareholders who are registered in the shareholders register at the close of trading on the extraordinary general assembly day, which will be determined later by the company`s board.  The price and number of offered shares will be determined by the company during the extraordinary general assembly.  After reviewing the request by the CMA in light of the regulatory requirements and quantitative and qualitative measures applied on all capital increases, the CMA approved the company`s request. The company`s rights issue prospectus will be posted for the public soon. This capital increase will be assigned to finance the Red Sea Gateway Terminal (RSGT) project, which is considered the largest project undertaken by SISCO at this time.  The scope of the project is to develop, construct and operate the third seaport terminal and container terminal at Jeddah Islamic Port (JIP), which will increase the capacity of JIP by 45%.  The project progress, since starting at the beginning of 2008, is going in accordance to its project plane and time table.  It is expected to start preliminary operation by end of 2009 and the company will realize revenues by 2010. SISCO also wishes to clarify that despite its recorded losses in net profits for 2007, the company’s operating profit has witnessed a significant increase by 552% when compared to 2006 operating profit.  This is a clear indication on the positive growth in the company’s revenues and profit through its affiliate companies.  The net profit loss in 2007 was mainly contributed by the provision taken by the company’s management of SR 10 million to offset the permanent decline in the local share fund investment, which had a negative impact on the total net profit on the company’s net results for 2007. In the meantime the company is mostly focused on the successful completion of the RSGT project which is estimated to cost SR 1,871 million, and will realize revenues by 2010 as mentioned earlier.  The company will be financing this project over the next two years through its share in RSGT which is 53%.  This financing burden will have a negative impact on the company’s financial position during the construction phase (2008 & 2009) till actual operation in 2010.  Once official operation of the project commence in 2010, the company’s financial performance will be enhanced significantly.