Newsletter No 23 28 March 2006
News from the Media Scene:
SRMG Goes Public

The Saudi Research and Marketing Group, publishers of Asharq Al Awsat, Al Eqitsadiah and Arab News among ten other publications, will go public on 8 April through an initial public offering of 4.8 million shares, which represents 30 per cent of the total stock.

In an interview with Al Arabiya TV, the group’s Chairman, Prince Faisal Ibn Salman, said the company has entered a new era by being the first Arab media company to go public in the Saudi stock market.

The group declared a net profit for 2005 of SR 181.4 million (USD 48.3 million), 290 per cent more than the previous year. Shares will be available at SR 230 (USD 61).