Fawaz Abdulaziz Alhokair & Company IPO closes on Monday night Ramadan 24, October 16

Dr. Abdulmajeed Alhokair, Chief Executive Officer, Fawaz Abdulaziz Alhokair & Company said: "We are pleased to see great number of Saudi investors coming forward and showing their confidence in Fawaz Abdulaziz Alhokair & Company. Their overwhelming response is a manifestation of the trust that the Company enjoys in the market place.

Ioannis Karapatakis, Managing Director Global Investment Banking Advisory of HSBC Saudi Arabia Limited said: "The response to Fawaz Abdulaziz Alhokair & Company IPO has been fantastic. It also proves that companies with sound fundamentals will always enjoy the confidence of investors. Realizing the value of Fawaz Abdulaziz Alhokair & Company's potential growth, quality of management, operational excellence, we are glad to see initial critics turn into investors."

SABB is the sole underwriter of the IPO and also a selling agent. The other banks that are involved in selling the issue are: Samba Financial Group, Al Rajhi Banking & Investment Corporation, National Commercial Bank, Arab National Bank, The Saudi Investment Bank, Riyad Bank, Banque Saudi Fransi, Bank Al Bilad, Bank Al Jazira and Saudi Hollandi Bank.

HSBC Saudi Arabia Limited is the Financial Adviser and Lead Manager, SABB is the sole underwriter of the IPO, while Deloitte & Touche Bakr Abulkhair & Co are the registered auditors. The legal adviser to the transaction is the Law Office of Mohammed Al-Sheikh.

The Company is offering 30% of its share capital - 12 million ordinary shares - through the IPO. The IPO is open for subscription for 10 days from Saturday October 7th to Monday October 16th, 2006. The minimum number of shares that an individual investor can subscribe is 10 shares and a maximum of 25000 shares.

For the fiscal year ended March 2006, Fawaz Abdulaziz Alhokair & Company had sales of SR1.3 billion, showing growth of 30% as compared to 2004/05. For the six months ended 30th September 2006 the Company reported sales turnover of SR 703 million, registering a growth of 20% when compared to the same period of last year.

A group of Muslim scholars joined revered Prof. Shaikh Abdulla Al Mutlaq, member of the supreme committee of Islamic scholars in KSA, in issuing a FATWA and sanctioning the IPO and trading of Fawaz Abdulaziz Alhokair & Company shares in the market. Prof. Al Mutlaq had asserted that all operations of the Company are Shariah compliant.

Shaik Mohammed Alqerri, Shaikh Khalid Aldaeiji, Prof. Shaikh Mohammed Aloussaimi, Prof. Shaikh Yousef Alshubeili, Prof Shaikh Abdulaziz bin fawzan AlFawzan have joined Prof Mutlaq in proclaiming Fawaz Abdulaziz Alhokair & Company 'Naqia".