FALCOM List of Wealthy Investors

Transcription

FALCOM RESEARCH
FALCOM Research
FALCOM Financial Services
P. O. Box 884
Riyadh 11421
Kingdom of Saudi Arabia
FALCOM List of Wealthy
Investors
November 15, 2009
Best Online
Trading Platform
Saudi Arabia
2009
2009
Contents
Executive Summary ....................................................................................................................... 1 Prologue........................................................................................................................................................ 1 Methodology ................................................................................................................................................. 1 Key Highlights ............................................................................................................................................... 2 Top 10 Investors ............................................................................................................................ 3 Who are they? .............................................................................................................................................. 3 How They Performed? .................................................................................................................................. 5 Wealthy Investors Portfolios as on 30th September 2009 ............................................................................ 6 Smallest 10 Investors .................................................................................................................. 11 Categories of Investors ............................................................................................................... 12 Individuals ................................................................................................................................................... 12 Corporate Investors .................................................................................................................................... 13 Government & its Agencies ........................................................................................................................ 14 Funds ………………………………………………………………………………………………………………..14 Changes in Holdings of Wealthy Investors ............................................................................... 15 Companies without Wealthy Investors ...................................................................................... 16 Interests of Investors as per Market Capitalization .................................................................. 17 Annexure A .................................................................................................................................... 19 Annexure B .................................................................................................................................... 27 FALCOM RESEARCH
EXECUTIVE SUMMARY
Executive Summary
Prologue
TASI closed at 4,803 on 31st December 2008 after dropping 36% in the fourth quarter of last year. It
further lost 2% in the first quarter before bouncing 19% in the second quarter and 13% in the third
quarter. The period tested the patience and risk appetite of all market participants. This report analyses
investment patterns of wealthy investors in the tumultuous period since the end of last year and 9
months into the current year. During this period, Tadawul All Share Index (TASI) touched a six year low
of 4068 on 9th March.
FALCOM Research looked at investments of Wealthy investors at the end of three of last four quarters
– 31st December 2008, 31st March 2009 and 30th September to provide insights into how these deep
pocket investors strategize in an uncertain and dynamic world of investments. Do they panic like the
small investors? Do they frequently change their decisions when prices move? Do they accumulate
more shares when the sentiments are down? What about the strategic investors – do they flee at the
first sign of crisis or stay with the company at the cost of seeing their investments erode? Who are these
investors?
Tadawul announces the changes in the holdings of those who have invested 5% or more in every
company on daily basis. The study is entirely dependent on the data released by Tadawul. Other mega
investors who just fall short of 5% threshold are not part of this study for the obvious lack of data
although they might also be influential players in the market.
The entire data availability is in Arabic. At the very outset, we regret any errors in translation despite our
best efforts.
Methodology
FALCOM Research tracked the holdings of Wealthy (5% and above) shareholders across all the listed
companies intermittently over past three quarters. The study mainly tracked the data on 31st December
2008, 31st March 2009 and 30th September 2009. Further, we segregated the investors under different
categories – Government and its agencies, Individuals and Corporate. Investors resembling groups of
associates were put under Corporate category along with any companies investing in the market.
FALCOM Research used the short names of companies mentioned by Tadawul on its web site. The
detailed names are presented in Appendix B for ready reference.
Similarly, the data was collected for issued shares for all the companies. FALCOM Research then
calculated the value of shares held across companies for every investor. This data was then sorted to
assign rankings.
It is important to note that intra-day trading as well as trading by these investors in the long interim
during quarters does not reflect in the analysis. Admittedly, it is impossible and futile to track everyday
transactions of these mega players.
The objective of the report is to know these big players and highlight their investment strategies.
FALCOM RESEARCH
1
Key Highlights
275 investors had crossed the 5% limit set by Tadawul to feature in this study across 135 listed
companies. However by 30th September, 18 of them sold their holdings to fall out of the final list.
Public Investment Fund (PIF) is the largest investor in the Saudi Stock Market (Tadawul) with a portfolio
size of whopping SR 281.4 billion at the end of third quarter.
Nine companies list no Wealthy shareholders thereby implying the shares scattered in many hands.
These could be good as takeover targets for interested parties to get in.
Top 10 investors in the Saudi Stock Market (Tadawul) together hold SR 543.6 billion worth of shares
accounting for 44% of the total market capitalization of SR 1.2 trillion on 30th September 2009.
Top 3 positions on all three occasions were occupied by Government and its institutions. SABIC with
holdings in affiliates viz. Saudi Fertilizers Company, Saudi Kayan Petrochemicals Company and
YANSAB ranked fourth for the just concluded quarter. Sulaiman Abdulaziz Saleh Al Rajhi was the
biggest individual investor and moved ahead of Prince Alwaleed Bin Talal Al Saud in last six months.
Top 10 investors do not shuffle their portfolios frequently. Notably, they have taken advantage of beaten
down market conditions to raise their holdings. There are only two occasions where their holdings have
dropped; once when General Organization for Social Insurance (GOSI) reduced its stake in
Industrialization Company (NIC) slightly from 5.8% to 5.5% during first quarter and on another occasion
Public Pension Agency reduced it’s holding in Pharmaceutical Company (SPIMACO) from 20% to 13%.
Only three among top 10 investors raised their stakes in the first quarter of the year - GOSI, Public
Pension Agency and Saleh Abdulaziz Saleh Al Rajhi. Comparatively in the next six months when
market started to move up, as many as six investors took advantage of low prices to increase their
holdings.
Ranking of Prince Alwaleed Bin Talal Al Saud slipped in past 6 months despite his holding rising in
Kingdom Holding Company from 94% to 95% as the stock underperformed to the overall market.
Against an increase of 34.4% in the market benchmark over past 6 months, Kingdom Holding Company
gained 22.4%.
Study shows Wealthy investors have mostly maintained their shareholding. But there are incidents of
them increasing the stake in down market or even sell it.
For its size of SR 281.4 billion, Public Investment Fund (PIF) has a focused approach to portfolio
management with investments in only 18 companies. GOSI has invested SR 72.9 billion in 30
companies.
Government and its agencies viz. PIF, GOSI, Public Pension Agency and SAMA hold stocks worth SR
411 billion or more than 34% of the entire market.
In the first nine months of the year, GOSI added three companies viz. Jabal Omar, National
Petrochemical Company and SRMG to its portfolio. It also increased stakes in 9 companies.
It is heartening to see the Government agencies increasing their stakes in a market downturn. Their
action sends very positive signal to the common investors. This is a better way to signal commitment to
the capital markets than to simply buy the loss making portfolios of investors and park them with the
Government until markets recover.
FALCOM RESEARCH
2
Top 10 Investors
Who are they?
Top 10 investors in the Saudi Stock Market (Tadawul) together hold SR 543.6 billion worth of shares
accounting for 44% of the total market capitalization of SR 1.2 trillion on 30th September 2009.
Figure 1: Top 10 Holdings as a % of Total Market Capitalization
Source: Tadawul, FALCOM Research
Top 3 positions on all three occasions were occupied by Government and its institutions. SABIC with its
holdings in its affiliates viz. Saudi Fertilizers Company, Saudi Kayan Petrochemicals Company and
YANSAB ranked fourth. Sulaiman Abdulaziz Saleh Al Rajhi was the biggest individual investor and
moved ahead of Prince Alwaleed Bin Talal Al Saud in last six months. Public Pension Agency
maintained its seventh position on all the three occasions. Big investors do not shuffle their portfolios
frequently. Notably, they have taken advantage of beaten down market conditions to raise their
holdings. There are only two occasions where their holdings have dropped; once when General
Organization for Social Insurance (GOSI) reduced its stake in Industrialization Company (NIC) slightly
from 5.8% to 5.5% during first quarter and on another occasion Public Pension Agency reduced it’s
holding in Pharmaceutical Company (SPIMACO) from 20% to 13%. Only three among top 10 investors
raised their stakes in the first quarter of the year - GOSI, Public Pension Agency and Saleh Abdulaziz
Saleh Al Rajhi. Comparatively in the last six months when market started to move up, as many as six
investors took advantage of low prices to increase their holdings.
Table 1: Top 10 investors as on 30th September 2009
Sum of Wealth
(SR million)
1.
Public Investment Fund
2.
As a % of top
10
Count of
Company
281,400
51.8%
18
General Organization for Social Insurance
72,876
13.4%
30
3.
Government's share in Saudi Electricity Co
31,422
5.8%
1
4.
SABIC
30,932
5.7%
3
5.
Sulaiman Abdulaziz Saleh Al Rajhi
29,893
5.5%
4
6.
Prince Alwaleed Bin Talal Al Saud
27,830
5.1%
1
7.
Public Pension Agency
23,069
4.2%
16
8.
Hong Kong and Shanghai Banking Holding
15,900
2.9%
1
9.
Saleh Abdulaziz Saleh Al Rajhi
15,854
2.9%
2
14,383
2.6%
2
10. ARAMCO
FALCOM RESEARCH
3
For its size of SR 281.4 billion, Public Investment Fund (PIF) has a focused approach to portfolio
management with investments in only 18 companies. GOSI has invested SR 72.9 billion in 30
companies.
Government has invested directly only in Saudi Electricity Company (SEC) where it holds 74.3% stake.
ARAMCO, the country’s only crude oil company, holds another 6.9% in SEC further reducing its floating
stock.
Ranking of Prince Alwaleed Bin Talal Al Saud slipped in past 6 months despite his holding rising in
Kingdom Holding Company from 94% to 95% as the stock underperformed to the overall market.
Against an increase of 34.4% in the market benchmark over past 6 months, Kingdom Holding Company
gained 22.4%.
Hong Kong and Shanghai Banking Holding (HSBC Holding) maintained 8th position by slightly
increasing its stake in Saudi British Bank. Saleh Abdulaziz Saleh Al Rajhi also raised his holding in Al
Rajhi Bank from 13.6% to 13.9% during the year to stick to 9th position.
ARAMCO replaced Calyon Bank in the 10th position as two holdings in the former’s portfolio
outperformed Banque Saudi Fransi that the later holds.
Public Investment Fund alone accounts for more than half of the combined wealth of top 10 investors.
Top 5 wealthiest investors manage 82% funds of the top 10 and effectively control 36% of the entire
market.
Government and its agencies viz. PIF, GOSI, Public Pension Agency and Saudi Arabian Monetary
Agency (SAMA) hold stocks worth SR 411 billion or more than 34% of the entire market.
In the first nine months of the year, GOSI added three companies viz. Jabal Omar, National
Petrochemical Company and SRMG to its portfolio. It also increased stakes in 9 companies.
Table 2: Top 10 investors as on 31st March 2009
Sum of Wealth
(SR million)
1.
2.
As a % of top
10
Count of
Company
175,065
47.0%
18
51,568
13.8%
28
3.
30,958
8.3%
1
4.
22,504
6.0%
1
5.
20,807
5.6%
4
6.
SABIC
20,794
5.6%
3
7.
15,569
4.2%
14
8.
14,933
4.0%
1
9.
10,836
2.9%
2
9,709
2.6%
1
10. Calyon Bank
In the first quarter, Jabal Omar Founders lost their position in the top 10 making way for Calyon Bank.
There is no change in the stakes of either investors clearly pointing to the outperformance of Banque
Saudi Fransi over Jabal Omar development Company. The bank jumped 23% in the first quarter even
as Jabal Omar lost more than 8%.
FALCOM RESEARCH
4
Table 3: Top 10 investors as on 31st December 2008
Sum of Wealth
(SR million)
1.
2.
As a % of top
10
Count of
Company
209,233
51.0%
18
51,509
12.6%
27
3.
28,636
7.0%
1
4.
27,833
6.8%
1
5.
22,279
5.4%
4
6.
SABIC
18,990
4.6%
3
7.
17,481
4.3%
14
8.
12,928
3.2%
1
9.
11,640
2.8%
2
9,459
2.3%
1
10. Jabal Omar Founders
How They Performed?
It is difficult to compare the performance of all investors against TASI over three important occasions
chosen for this study for two reasons – one, investors may have jumped in and out of their positions in
the long interim periods and two, the stakes may have been increased or diluted during the period of
analysis. So if the investor underperforms TASI it may be due to selling of stakes and on the other hand
outperformance may come through increase in stakes.
However, for the top 10 investors we looked at comparative performance against TASI. Only three
investors viz. PIF, Government with its stake in Saudi Electricity Company (SEC) and ARAMCO have
unchanged portfolios during the period of study. For the Government, objective of its strategic
investment is social. It is also merely the matter of comparison between SEC and TASI. During the
bearish phase of first quarter, SEC gained 8.1% against the 2% drop of TASI but when TASI jumped
over 34% over past six months SEC lagged behind with just 1.5% gains.
Similarly, ARAMCO has a strategic investment in Petro Rabigh and SEC. Like the Government, it too
has invested for reasons other than short-term outperformance to the broader market. Being a passive
investor, stock price fluctuations of past nine months do not make any difference to ARAMCO.
Table 4: Performance of TASI, Government and ARAMCO Holding
st
31 Dec’ 08
TASI Level
4,802.99
st
31 Mar’09
4,703.75
6,322.04
-2.10%
34.40%
30,958
31,422
8.10%
1.50%
9,626
14,383
23.90%
49.40%
% Change
Government Holding (SR million)
28,636
% Change
ARAMCO Holding (SR million)
th
30 Sept’09
7,768
% Change
PIF, the number one investor in Tadawul has a passive approach to its portfolio with no change during
the period of study. But it has 18 stocks and they are spread across sectors. Its main holdings (50% or
above of company’s share capital) are SABIC (70%), STC (70%), Real Estate Company (64.5%) and
Ma’aden (50%).
FALCOM RESEARCH
5
Figure 2: Comparative Performance of Major Investors
Wealthy Investors Portfolios as on 30th September 2009
Figure 3: Portfolio of Public Investment Fund
FALCOM RESEARCH
6
Figure 4: Portfolio of GOSI
Figure 5: Portfolio of Public Pension Agency
FALCOM RESEARCH
7
Figure 6: Portfolio of Sulaiman Abdulaziz Saleh Al Rajhi
Table 5: Holding of top 10 investors and changes in their portfolio
Holding on
st
31 Dec’ 08
st
31 Mar’09
th
30 Sept’09
1.
Alinma Bank
10.00%
10.00%
10.00%
2.
Ceramic
5.40%
5.40%
5.40%
3.
Eastern Cement
10.00%
10.00%
10.00%
4.
Gas&Industrialization
10.90%
10.90%
10.90%
5.
Hotels
16.60%
16.60%
16.60%
6.
Ma'aden
50.00%
50.00%
50.00%
7.
NADEC
20.00%
20.00%
20.00%
8.
Qassim Cement
23.30%
23.30%
23.30%
9.
Real Estate
64.50%
64.50%
64.50%
10. RIBL
21.70%
21.70%
21.70%
11. SABIC
70.00%
70.00%
70.00%
12. SAMBA
22.90%
22.90%
22.90%
13. SAPTCO
15.70%
15.70%
15.70%
14. Saudi Fisheries
40.00%
40.00%
40.00%
15. Shipping
28.10%
28.10%
28.10%
16. Southern Cement
37.40%
37.40%
37.40%
17. STC
70.00%
70.00%
70.00%
18. Yanbu Cement
10.00%
10.00%
10.00%
FALCOM RESEARCH
8
Holding on
st
st
31 Dec’ 08
th
31 Mar’09
30 Sept’09
1.
Al Rajhi
9.90%
9.90%
9.90%
2.
Alinma Bank
10.00%
10.00%
10.00%
3.
Arab National
10.80%
10.80%
10.80%
4.
Ceramic
15.90%
15.90%
15.90%
5.
Eastern Cement
10.00%
10.00%
10.00%
6.
Etihad Etisalat
11.20%
11.20%
11.20%
7.
Gas&Industrialization
6.10%
6.10%
6.10%
8.
Hotels
6.50%
6.50%
6.50%
9.
Industrialization
5.80%
5.50%
5.50%
-
-
5.00%
5.00%
5.00%
7.60%
22.80%
23.50%
23.70%
-
-
16.20%
14. Qassim Cement
16.70%
17.50%
19.10%
15. RIBL
21.60%
21.60%
21.60%
16. SABB
9.50%
9.50%
9.50%
17. SAFCO
12.50%
13.50%
14.60%
18. SAMBA
11.40%
11.40%
15.00%
8.50%
8.50%
8.50%
12.80%
12.80%
12.80%
21. Saudi Hollandi
9.60%
9.60%
9.60%
22. SAVOLA Group
5.30%
8.40%
10.30%
23. SIBC
21.50%
21.50%
21.50%
24. Southern Cement
12.10%
12.90%
13.60%
-
5.20%
5.20%
26. STC
6.70%
6.80%
7.00%
27. Taiba
6.90%
6.90%
6.90%
28. Yamamah Cement
7.00%
7.10%
7.10%
11.70%
11.70%
11.70%
9.20%
9.20%
9.20%
74.30%
74.30%
74.30%
10. Jabal Omar
11. Ma'aden
12. NCCI
13. Petrochem
19. Saudi Cement
20. Saudi Fransi
25. SRMG
29. Yanbu Cement
30. YANSAB
Government
Saudi Electricity
SABIC
1.
SAFCO
42.90%
42.90%
42.90%
2.
Saudi Kayan
35.00%
35.00%
35.00%
3.
YANSAB
51.00%
51.00%
51.00%
FALCOM RESEARCH
9
Holding on
st
st
31 Dec’ 08
th
31 Mar’09
30 Sept’09
1.
Al Rajhi
24.60%
24.60%
24.60%
2.
Arab Cement
11.80%
11.80%
11.80%
3.
NADEC
18.50%
18.50%
19.70%
4.
Yanbu Cement
23.70%
23.70%
23.70%
94.00%
95.00%
Kingdom Holding Company
94.00%
1.
Alinma Bank
10.00%
10.00%
10.00%
2.
Arab Cement
5.10%
5.10%
5.10%
3.
Eastern Cement
10.60%
10.60%
10.60%
4.
Ma'aden
-
-
5.70%
5.
NCCI
22.20%
22.80%
22.80%
6.
Petrochem
-
-
16.20%
7.
Pharmaceutical
20.00%
13.00%
13.00%
8.
Qassim Cement
5.00%
5.00%
5.00%
9.
SAMBA
10.20%
10.20%
11.40%
5.00%
5.00%
5.00%
11. SIBC
17.30%
17.30%
17.30%
12. SIIG
10.60%
10.60%
10.60%
13. Sipchem
6.80%
7.70%
7.70%
14. STC
6.50%
6.60%
6.60%
15. Yamamah Cement
5.00%
5.00%
5.00%
16. Zain KSA
5.00%
5.00%
5.00%
39.90%
40.00%
10. Saudi Cement
SABB
39.90%
1.
Al Rajhi
13.60%
13.70%
13.90%
2.
NADEC
11.40%
11.40%
11.40%
37.50%
37.50%
37.50%
6.90%
6.90%
6.90%
ARAMCO
1.
Petro Rabigh
2.
Saudi Electricity
FALCOM RESEARCH
10
Smallest 10 Investors
We have covered the Top 10 investors in the market separately. Below table provides the glimpse at 10
smallest investors.
Table 6: Smallest 10 investors as on 30th September 2009
Category
Sum of Wealth
(SR million)
% of total
1.
Hamad Nasser Al-Tuwaijri
Individual
19
7.3%
2.
Turki Alnasiri
Individual
19
7.3%
3.
Ibrahim Odah Abdullah Al-Odah
Individual
24
9.2%
4.
Ahmad al-Sheikh & Partners EST.
Corporate
28
10.8%
5.
Khalid Binsalamah for Trading EST.
Corporate
28
10.8%
6.
MOSHAH Trading EST.
Corporate
28
10.8%
7.
Saleh Saad Al-Kheraigi Trading EST.
Corporate
28
10.8%
8.
Arabian Company for the supply and trade
Corporate
28
10.8%
9.
Abdullah Mohammed al-Hakim
Individual
29
11.2%
Corporate
29
11.2%
260
100.0%
10. Alsha'ar fot Trading, Industry and Contracting Company
Total
FALCOM RESEARCH
11
Categories of Investors
It was essential to segregate the investors across categories as each of them has different
objectives. Tadawul does not provide these categories. Based on the names of investors we
categorized them as individuals, corporate, funds and Government agencies.
Figure 7: Wealth Distribution across sectors (30th September 2009)
Individuals, by nature, have the maximum freedom. They are not answerable to anyone else for their
decisions. Corporate investors may have strategic interests. They may also watch the markets regularly
in order to adjust allocations for outperforming the market. Mutual funds have obligation to stick to their
preannounced objective in the prospectus. Some of them may have the mandate to invest in a
particular sector while others may have targeted only large cap companies. As such, all funds need not
have a common objective to outperform the market. Government, of course, has a social interest.
Government Agencies have a long-term mandate to manage funds. They too have a social interest to
maintain stability in the economy as well as capital markets. As and when Government decides to go
ahead with privatization, these entities will play a crucial role.
Individuals
Trading on Tadawul is dominated by individuals. However, out of 257 active Wealthy investors, around
78 are individuals. They control SR 119 billion worth of shares on 30th September.
FALCOM RESEARCH
12
Table 7: Top 10 individual investors as on 30th September 2009
Category
Total Wealth (SR
million)
% of total
1.
Individual
29,893
29.3%
2.
Individual
27,830
27.3%
3.
Individual
15,854
15.6%
4.
Mohammed Ibrahim Mohammed Al-Essa
Individual
8,680
8.5%
5.
Abdullah Abdulaziz Saleh Al Rajhi
Individual
7,492
7.4%
6.
Prince Sultan Bin Mohammad Bin Saud Al-Kabeer Al Saud
Individual
6,223
6.1%
7.
MOHAMMAD AL-MOJIL
Individual
1,788
1.8%
8.
Khalid Abdullah Shlash Al-Shlash
Individual
1,558
1.5%
9.
Yosif Abdullah Shlash Al-Shlash
Individual
1,318
1.3%
Individual
1,235
1.2%
101,871
100.0%
10. Abdullah Mohammed Abdullah Al-Rabia
Total
Corporate Investors
Corporate form of investors offers many benefits – secrecy for the individual investors, limitations of
liability, fair dealing among its stakeholders etc. Therefore, it is no surprise that this category accounts
for maximum number of investors. Out of 275 investors owning 5% or more in listed companies, 172 are
corporate investors. Many of them are family firms preserving the wealth of the family under one roof.
But there are also Banks and Mega companies that are founding shareholders. Following table
summarizes such Top 10 investors in Tadawul.
Table 8: Top 10 corporate investors as on 30th September 2009
Category
Total Wealth (SR
million)
% of total
1.
SABIC
Corporate
30,932
24.3%
2.
Corporate
15,900
12.5%
3.
ARAMCO
Corporate
14,383
11.3%
4.
ARAB Bank
Corporate
12,662
10.0%
5.
Sumitomo Chemical Ltd Co.
Corporate
11,465
9.0%
6.
Saudi Olauan Investment Co
Corporate
10,131
8.0%
7.
Calyon Bank
Corporate
10,121
8.0%
8.
Emirates Telecommunication Co. (Etisalat).
Corporate
7,979
6.3%
9.
Rashid Abdulrahman Al-Rashed & his sons
Corporate
7,659
6.0%
Corporate
5,876
4.6%
127,108
100.0%
10. Jabal Omar Founders
Total
FALCOM RESEARCH
13
Government & its Agencies
Government and its Agencies are formidable investors taking the top 3 slots on all three days of study.
Among five of them, they have a control over SR 411.7 billion worth of shares. Government has
invested in only Saudi Electricity Company. Three of its agencies have reasonable diversification but its
fourth agency Saudi Arabian Monetary Agency (SAMA), the central bank of the country has invested in
only one listed stock – Riyadh Bank.
Table 9: Govt. & its agencies as on 30th September 2009
Total Wealth (SR
million)
Category
% of total
1.
Govt. & its agencies
281,400
68.4%
2.
72,876
17.7%
3.
Government
31,422
7.6%
4.
23,069
5.6%
5.
Saudi Arabian Monetray Agency
2,915
0.7%
411,682
100.0%
Grand Total
Funds
Not many funds have sizeable commitments to individual companies. This is to be expected as they are
more likely to focus on large caps where their investments will not form a substantial percentage of
company’s holding. Also, fund managers are likely to spread their assets across number of stocks to
ensure diversification.
Two funds find place in this list of Wealthy Investors. National Bank of Abu Dhabi Fund lost its status of
being a Wealthy shareholder in the first quarter of current year.
Table 10: Wealth of Funds
(SR million)
Al-Amanah Fund for Saudi Stocks
Company
30/09/09
31/03/09
31/12/08
Zamil Industrial
143.44
100.13
128.25
Islamic Development Bank Fund
APPC
337.18
216.94
195.95
National Bank of Abu Dhabi Fund
Pipes
-
-
81.48
480.62
317.06
405.68
Total
Despite a small number, the two Funds together control SR 480.6 million worth of shares.
FALCOM RESEARCH
14
Changes in Holdings of Wealthy Investors
Due to size of investments, it is more likely that the Wealthy investors have long-term focus on the
companies. The increase in stake during bad times, we believe, strengthens their commitment. On the
contrary any drop in stake when market is bearish may be for factors other than the lack of faith in the
potential of the underlying companies (for example – temporary liquidity crisis, split of family wealth
etc.). Most of the strategic investors have lived up to our expectations – staying passive during the
down turn.
We have not listed the strategic investors who have not seen any change in their stakes simply because
there are far too many of them.
Study found that there were changes to the portfolios of wealthy investors. Following table highlights
changes in their holdings in the past nine months. We have omitted the newly listed companies from
this table.
Table 11: Changes in Holdings of Wealthy Investors
Company
st
31 Dec’08
st
31 Mar’09
th
30 Sept’09
Abrar Mohamed Adel Aqeel
SISCO
6.4%
0.0%
0.0%
ADTAR Holding Company
Arriyadh Development
7.4%
7.4%
5.7%
AL-Zahid Holding Group
Budget Saudi
39.8%
39.8%
39.5%
AL-Zamil Group Holding Company
Sahara Petrochemical
7.5%
7.5%
7.9%
Fahad Abdullah Saleh Al-Othaim
A.Othaim Market
5.0%
5.0%
0.0%
Hong Kong and Shanghai Banking
Holding
SABB
39.9%
39.9%
40.0%
JADWA Investment Company
SASCO
5.5%
6.0%
0.0%
Jarir Investment Company
Jarir
12.6%
12.6%
12.0%
Industrialization
6.3%
6.3%
6.2%
SAMBA
5.0%
0.0%
0.0%
SAVOLA Group
10.1%
8.7%
0.0%
Ma'an Abdulwahed Abdelmajeed AlSana
SAMBA
7.7%
7.8%
0.0%
Pipes
5.8%
0.0%
0.0%
Othaim Holding company
A.Othaim Market
49.0%
49.0%
31.2%
Rashid Abdulrahman Al-Rashed & his
sons
Saudi Fransi
6.8%
9.8%
9.8%
Saudi Investment Bank
MEDGULF
21.4%
21.4%
19.0%
Industrialization
5.5%
5.8%
5.7%
Saudi Olayan Investment Co
Sipchem
6.9%
6.7%
5.6%
Swicorp Joussour Company
Industrialization
6.2%
6.2%
5.8%
In a rare instance, we noticed Al Olayan Investment Company showing up in the list of Wealthy
shareholders of Hail Agriculture Company in the past nine months. It increased its shareholding in Hail
Agriculture Company to 7.4% as on 30th September 2009 (from 0% in 31st March 2009).
FALCOM RESEARCH
15
Companies without Wealthy Investors
There were companies that did not see any major investor interest on all three important days of study –
31st December 2008, 31st March 2009 and 30th September 2009. However, it is quite possible that some
investors may have raised and then subsequently reduced their stakes from the threshold limit of 5% on
intermittent days.
Some of these companies have dominant shareholding from a single family but due to various reasons
such as splitting of family patriarch’s portfolio in the individual names of descendants, no single
shareholder holds more than 5%.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Saudi Industrial
Al Ahsa for Development
Saudi Chemical
Thim’ar
Jouff Agriculture
Malath Insurance
Al Babtain
Al Baha
Bishah Agriculture
FALCOM RESEARCH
16
Interests of Investors as per Market Capitalization
Wealthy investors in the market prefer large cap stocks for the obvious reason of liquidity as well as size
of business. From the tables below, we notice that few investors have capacity to take substantial
stakes in 10 largest companies – understandably, most of them are Government, Government Agencies
or well known wealthy individuals.
Table 12: Wealthy Investors in 10 Largest Companies by Market Capitalization (30th September 2009)
Market Cap. (in SR million)
1.
240,000
Company
SABIC
Investors
Abdullah Abdulaziz Saleh Al Rajhi
2.
112,125
Al Rajhi Bank
3.
100,500
STC
4.
53,550
SAMBA
5.
44,850
RIBL
Nahla Company for Trading and Contracting
Saudi Arabian Monetary Agency
ARAMCO
6.
42,291
Saudi Electricity
Government
7.
39,750
SABB
Calyon Bank
8.
32,545
Saudi Fransi
ALJABER Company
ARAB Bank
9.
31,655
Arab National
10. 31,250
SAFCO
SABIC
FALCOM RESEARCH
17
Table 13: Wealthy Investors in 10 Smallest Companies by Market Capitalization (30th September 2009)
Market Cap. (in SR million)
Company
Investors
1.
270.75
Al Baha
no investor owns 5% or more
2.
327.85
Shams
3.
348.75
Bishah Agriculture
4.
369.00
Eastern Agriculture
5.
377.00
Thim'ar
6.
388.00
Saudi Industrial
no investor own 5% or more
7.
389.70
Mubarrad
Turki Alnasiri
8.
390.00
Food
no investor own 5% or more
9.
406.08
Saudi Export
FIPCO
10. 424.53
FALCOM RESEARCH
18
Annexure A
Table 14: Alphabetical list of Wealthy Investors as of 30th September 2009
Wealthy Investors
Category
Wealth (SR Million)
Rank**
1.
Abdulaziz Saleh Ali Al-Othaim
Individual
188
131
2.
Abdlalah Abdullah M Zahid
Individual
184
132
3.
Abdul Aziz Ajlan & Sons Co.
Corporate
36
224
4.
Abdul Kader AL- Muhaidib and his sons Co.
Corporate
146
150
5.
Abdulaziz Abdullah Sulaiman Al Rajhi
Individual
261
117
6.
Abdulaziz Hammad Nasser Al-Balaihed
Individual
91
187
7.
Abdulaziz Mohammed Saleh Al-Hadlaq
Individual
-
-
8.
Abdulaziz Mohammed Suleiman Al-Namla
Individual
459
85
9.
Abdulaziz Muhanna Abdulaziz Almaibed
Individual
73
195
10. Abdulaziz Rashed Abdulrahman Al-Rashed
Individual
139
158
11. Abdulgadir Al Mohidib & Sons
Corporate
1,193
39
12. Abdulkarim Abdulrahman Nasser Al-Aqeel
Individual
491
77
13. Abdullah Abdulrahman Nasser Al-Aqeel
Individual
491
77
14. Abdullah Mohammed Abdullah Al-Rabia
Individual
1,235
38
15. Abdullah & Abdulaziz Kanoo co.
Corporate
220
122
16. Abdullah Abdulaziz Saleh Al Rajhi
Individual
7,492
18
17. Abdullah Hamad Ammar Al Ammar
Individual
-
-
18. Abdullah Ibrahim Mohammed Al Subaie
Individual
741
59
19. Abdullah IbrahimAl-Kuraif Son's Co.
Corporate
140
156
20. Abdullah Mohammed al-Hakim
Individual
29
246
21. Abdullah Muhanna Abdulaziz Almaibed
Individual
73
195
22. Abdullah Rashid Al-Rashid and his son Company
Corporate
72
197
23. Abdullah Saleh Abdullah Al-Bassam
Individual
150
147
24. Abdullah Saleh Ali Al-Othaim
Individual
64
206
25. Abdullatif Al-Essa Group Company Limited
Corporate
96
180
26. Abdulmajeed Abdulaziz Fahad Alhokair
Individual
161
143
27. Abdulmohsin Mohammed Saad Al-Drees
Individual
88
189
28. Abdulrahman Abdulaziz Saleh Al Rajhi
Individual
434
88
29. Abdulrahman Saleh Abdulaziz Al Rajhi
Individual
461
84
30. Abdulsalam Abdulrahman Nasser Al-Aqeel
Individual
491
77
31. Abeer Abdullah Saleh Al-Othaim
Individual
-
-
32. ABN AMRO Company
Corporate
4,593
23
33. Abrahim Mohammad Abrahim Al-Hudaithy
Individual
40
221
34. Abrar Mohamed Adel Aqeel
Individual
-
-
FALCOM RESEARCH
19
Wealthy Investors
Category
Wealth (SR Million)
Rank**
35. ADEL MOHAMMAD AL-MOJIL
Individual
179
134
36. ADTAR Holding Company
Corporate
75
193
37. Ahmad Ali Ahmad Al-shdwai
Individual
91
187
38. Ahmad al-Sheikh & Partners EST.
Corporate
28
250
39. Ahmad Hamad Algosaibi and his brothers Company
Corporate
56
213
40. Ahmad Hamad Al-Gosaibi and his brothers Company
Corporate
107
172
41. Ahmed Hassan Ahmed Fitaihi
Individual
189
130
42. Ahmed Mohammed Salem Al-Sari
Individual
51
217
43. Al Faisaliah Group Holding Company Limited.
Corporate
31
236
44. Al Olayan Investment Co
Corporate
72
197
45. Al Rajhi Bank
Corporate
331
102
46. Al Rajhi Insurance Co. Ltd.
Corporate
331
102
47. AlAbdullatif Holding Group Company
Corporate
2,189
28
48. AlAhli Commercial Bank
Corporate
375
95
49. Al-Ahlia Insurance Company
Corporate
65
204
50. Al-Ahlia Insurance Company (Egyptian company Limited)
Corporate
123
168
Fund
143
154
52. Al-Arkan for Construction Ltd Company
Corporate
1,438
33
53. Alfekriah for Publicity and Advertising Holding Company
Corporate
107
172
54. Ali Abdullah Ibrahim Al-Juffali
Individual
652
64
55. Ali Al-Abdullah Al-Tamimi Company
Corporate
170
139
56. ALJABER Company
Corporate
1,773
31
57. A-lKhaleej Investement Company
Corporate
802
57
58. AlKhazna Insurance Company
Corporate
93
182
59. AlMADANIAH Business Company Limited
Corporate
31
236
60. ALMAWARED Inv. Company Limited
Corporate
400
92
61. Al-Mojil Holdings Limited
Corporate
179
134
62. Al-Mojil Investment Limited
Corporate
179
134
63. ALMOTAWASET & GULF Insurance Company
Corporate
621
67
64. AlMotawasit AlArabi for commercial investment
Corporate
30
239
65. Almusannafat Alelmeah Holding Company
Corporate
71
200
66. Al-Nahla Trading & contracting co.
Corporate
247
119
67. ALOKOAH Union Company for Dev.
Corporate
391
94
68. AL-OLA Investmant Company
Corporate
487
82
69. AlOlaa for Takaful Insurance co.
Corporate
143
154
70. ALSAMH Trading Ltd Company
Corporate
139
158
71. Al-Sha'aer for Trading , Industry & Construction
Corporate
1,178
42
72. Alsha'ar fot Trading, Industry and Contracting Company
Corporate
29
246
73. Aluallan Motor Company
Corporate
44
219
51. Al-Amanah Fund for Saudi Stocks
FALCOM RESEARCH
20
Wealthy Investors
Category
Wealth (SR Million)
Rank**
74. AlWaleed Abdelrazaq Saleh Aldiriaan
Individual
81
192
75. AlWASATA Financial Company
Corporate
55
216
76. AL-Zahid Holding Group
Corporate
511
76
77. AL-Zamil Group Holding Company
Corporate
1,342
36
78. ARAB Bank
Corporate
12,662
11
79. Arab Company for Pharmaceutical Industries ( Acdima)
Corporate
434
88
80. Arab Supply and Trading Company
Corporate
1,136
43
81. Arabian Company for the supply and trade
Corporate
28
250
82. Arabian Company(Holding Company)
Corporate
108
171
83. Arabian Red Land for Industrial Services Company
Corporate
72
197
84. Arabian Shield Insurance Company
Corporate
218
123
85. Arabian Shield Emaar Company
Corporate
126
165
86. ARAMCO
Corporate
14,383
10
87. ASAS Company for health care
Corporate
35
231
88. Atheeb Trading Company
Corporate
290
109
89. AXA Insurance - Bahrain
Corporate
241
121
90. AXA Sea Holding Company
Corporate
135
163
91. Bader Fahad Ibrahim Al-Dawud
Individual
35
231
92. Bahrain National Holding Company
Corporate
109
170
93. Bahrain telecommunication Company
Corporate
270
111
94. Baitelmal Investment Co.
Corporate
36
224
95. Bin Dawud & co. Company Limited
Corporate
29
246
96. Buba Middle East Holding Company
Corporate
158
146
97. Bupa Overseas Investments Company Ltd.
Corporate
105
176
98. Business Company for Markting Services
Corporate
93
182
99. Calyon Bank
Corporate
10,121
14
100. Commercial United Insurance Company
Corporate
145
151
101. Company Alramtan
Corporate
74
194
102. Continental Insurance Company
Corporate
62
207
103. Dabbagh Holding Group Company
Corporate
952
53
104. Dallah Al Baraka Holding Company
Corporate
1,022
50
105. Dallah Company for Industrial Investment
Corporate
522
72
106. Dar Al-Chemicals Company
Corporate
-
-
107. Diem Modern for Real estate Management
Corporate
1,777
30
108. EFC Company
Corporate
164
140
109. EFG International Company
Corporate
137
161
110. Emaar Albayader development and trade Company
Corporate
959
52
111. EMAAR Middle East Company
Corporate
515
73
112. Emirates Telecommunication Co. (Etisalat).
Corporate
7,979
16
FALCOM RESEARCH
21
Wealthy Investors
Category
Wealth (SR Million)
Rank**
113.
ERAD Holding Company Ltd
Corporate
44
219
114.
Excellent Food Company Limited
Corporate
93
182
115.
FADEN for Trading and Contracting
Corporate
1,038
47
116.
Fahad Abdullah Saleh Al-Othaim
Individual
-
-
117.
Corporate
398
93
118.
Fawaz Abdulaziz Fahad Alhokair
Individual
161
143
119.
FWU Company
Corporate
164
140
120.
General Co. for Trading Investment
Corporate
30
239
121.
General Company for the development and technology
Corporate
30
239
122.
Govt. Agency
72,876
2
123.
Global Establishment for Trading Services
Corporate
30
239
124.
Global Investment House Company
Corporate
107
172
125.
Government's shares in the capital
Government
31,422
3
126.
Gulf Union for Insurance and Projects management
Corporate
140
156
127.
Hamad Mohammed Saad Al-Drees
Individual
69
202
128.
Hamad Nasser Al-Tuwaijri
Individual
19
256
129.
Hammad Nasser Hammad Al-Twaijre
Individual
-
-
130.
Hasan Mohamed Khalil Anani
Individual
-
-
131.
Hathlol Saleh Mohammad Al-Hathlol
Individual
1,181
40
132.
Corporate
15,900
8
133.
HSBC Asian Holding Company
Corporate
416
91
134.
Huda Abdullah Saleh Al-Othaim
Individual
-
-
135.
Husteel Pipe Company of South Korea
Corporate
259
118
136.
Individual
24
255
137.
Indian company for life insurance
Corporate
57
211
138.
International Financial Advisors Co.
Corporate
36
224
139.
International General Insurance Company
Corporate
60
208
140.
ISLAMIC Bank for Development
Corporate
124
166
141.
Islamic Arabian Insurance Company
Corporate
175
137
142.
Islamic Development Bank Fund
Fund
337
100
143.
Jabal Omar Founders
Corporate
5,876
20
144.
JADWA Investment Company
Corporate
-
-
145.
Jarir Investment Company
Corporate
654
63
146.
joint Business for Trading and Contracting Company
Corporate
29
246
147.
Jordanian Insurance Company
Corporate
68
203
148.
Jordanian Islamic Bank for Finance
Corporate
56
213
149.
JP Morgan International Tchais
Corporate
624
66
150.
Kayan
Corporate
4,605
22
151.
Khaled Saleh Abdulrahman Alshethrey
Individual
88
189
FALCOM RESEARCH
22
Wealthy Investors
Category
Wealth (SR Million)
Rank**
152.
Khalid Abdullah Shlash Al-Shlash
Individual
1,558
32
153.
Khalid Abdulrahman Saleh Al Rajhi
Individual
655
62
154.
Khalid Binsalamah for Trading EST.
Corporate
28
250
155.
Corporate
1,352
34
156.
Lama Ismail Fawzi Abokhaddrh
Individual
172
138
157.
Life Insurance International Company
Corporate
57
211
158.
M E Strategic Investment Company
Corporate
515
73
159.
M E Holding Company
Corporate
515
73
160.
M E Royal Capital Company
Corporate
835
55
161.
Ma'an Abdulwahed Abdelmajeed Al-Sana
Individual
-
-
162.
Majad Mohammed Saad Al-Drees
Individual
-
-
163.
Majed Abdulrahman Abdulaziz Al-Qassim
Individual
907
54
164.
Mamlakht Altaqseet for Trading
Corporate
976
51
165.
MANAFA For Investement and Real State
Corporate
481
83
166.
MANAZEL Construction Company
Corporate
1,352
34
167.
Mansour Abdulaziz Mohammed Kaaki
Individual
145
151
168.
Mazen Khalifa Al-Laheq and Sons co.
Corporate
147
148
169.
Mazrui Holding Company
Corporate
98
178
170.
Mecca for Reconstruction and Development co.
Corporate
1,181
40
171.
Mobile Telecommunication Co.
Corporate
3,815
25
172.
Modern programs solutions company for computer services
Corporate
35
231
173.
Mohamed Abdulrahman Nasser Al-Aqeel
Individual
491
77
174.
Mohamed Ali Abdullah Al-Swailem
Individual
264
116
175.
Mohamed Hussein Ali Al-Amoudi
Individual
135
163
176.
Mohamed Jalal and his Sons Ltd co.
Corporate
98
178
177.
Mohamed Saleh Hamza Sairafi
Individual
318
105
178.
Mohammad Saqar Al Utaibi
Individual
208
126
179.
MOHAMMAD AL-MOJIL
Individual
1,788
29
180.
Mohammad Al-Mojil International
Corporate
-
-
181.
Mohammed Abdulhameed Halwani
Individual
65
204
182.
Mohammed Abdullah Ibrahim Al-Hassoun
Individual
-
-
183.
Mohammed Abdullah M Zahid
Individual
119
169
184.
Mohammed and Abdul-Aziz Al-Kheraigi Company
Corporate
30
239
185.
Mohammed and Abdulrahman AlSaad Al-Bawardi Company
Corporate
56
213
186.
Mohammed Ibrahim Mohammed Al Subaie
Individual
788
58
187.
Individual
8,680
15
188.
Mohammed Sultan Hammad Al-Subaie
Individual
265
113
189.
MOSHAH Trading EST.
Corporate
28
250
190.
Munairah Mohammed A. Al-Buardi
Individual
-
-
FALCOM RESEARCH
23
Wealthy Investors
Category
Wealth (SR Million)
Rank**
191.
Muqaed Ibrahim Al-Otaibi
Individual
-
-
192.
Nahla Company for Trading and Contracting
Corporate
4,126
24
193.
Nasir Abdulrahman Nasser Al-Aqeel
Individual
491
77
194.
Nasser Sultan Fahd Al-Subaie
Individual
265
113
195.
Fund
-
-
196.
National Bank of Pakistan
Corporate
349
99
197.
National Commercial Bank
Corporate
1,032
49
198.
National Industrialization Company
Corporate
247
119
199.
National Industries Holding Group
Corporate
1,122
45
200.
National Science Company Limited
Corporate
93
182
201.
Nazir Group Holding Company
Corporate
35
231
202.
New Indian Insurance Ltd.
Corporate
59
209
203.
Noor Muhanna Abdulaziz Almaibed
Individual
40
221
204.
Obeikan Group Investement Company
Corporate
36
224
205.
Oman Insurance Company
Corporate
147
148
206.
Omar Suleiman Saleh AlAbdullatif
Individual
212
125
207.
Omran Muhammad Al-Omran and his Partners Ltd Co.
Corporate
1,056
46
208.
Othaim Holding company
Corporate
332
101
209.
Polypropylene limited national Company
Corporate
296
107
210.
Prince Abdullah Mosaad Abdulaziz Al-Saud
Individual
825
56
211.
Prince Abdullah Turki Abdul Aziz Al-Saud
Individual
47
218
212.
Individual
27,830
6
213.
Prince Faisal Abdulaziz Faisal Al Saud
Individual
92
186
214.
Prince Faisal bin Ahmed bin Salman Al-Saud
Individual
164
140
215.
Prince Khalid Abdullah Abdulrahman Al-Saud
Individual
191
129
216.
Prince Khalid Turki Abdul Aziz Turki Al-Saud
Individual
38
223
217.
Prince Meshal Abdullah Turki Al Saud
Individual
30
239
218.
Prince Mutab bin Abdul Aziz Al-Saud
Individual
296
107
219.
Prince Sultan Bin Mohammad Bin Saud Al-Kabeer Al Saud
Individual
6,223
19
220.
Govt. Agency
281,400
1
221.
Govt. Agency
23,069
7
222.
Rabiah & Nassar Group
Corporate
636
65
223.
Raed Abdulrahman Abdelaziz Al-Moshal
Individual
139
158
224.
Ramat company for marketing and distribution
Corporate
31
236
225.
Rana Investment
Corporate
36
224
226.
Corporate
7,659
17
227.
Riyadh Investment Company
Corporate
34
235
228.
Riyadh Mohammad Abdullah Al Humaidan
Individual
321
104
229.
Saad Saud Ibrahim al-Sayyari
Individual
82
191
FALCOM RESEARCH
24
Wealthy Investors
Category
Wealth (SR Million)
Rank**
230.
SABIC
Corporate
30,932
4
231.
SAFRA Company
Corporate
204
127
232.
Sagr National Insurance Company
Corporate
372
96
233.
Sahili Trading & Development Company
Corporate
36
224
234.
Said Ali Gdran Al-Ghamdi
Individual
215
124
235.
Saleh A. Al-Rajhi
Individual
440
86
236.
Individual
15,854
9
237.
Saleh Abdulaziz Saleh Al Rajhi and his Partners Ltd Co.
Corporate
58
210
238.
Saleh Abdullah Mohammed Kamel
Individual
301
106
239.
Saleh Saad Al-Kheraigi Trading EST.
Corporate
28
250
240.
Salman Abdulaziz Fahad Alhokair
Individual
161
143
241.
Saudi Arabian Insurance Company
Corporate
266
112
242.
Saudi Arabian Monetray Agency
Govt. Agency
2,915
27
243.
Saudi Bin Laden co.
Corporate
541
70
244.
Saudi British Bank
Corporate
436
87
245.
Saudi Company for Pharmaceutical Industries
Corporate
528
71
246.
Saudi Company for Research & publishing
Corporate
71
200
247.
Saudi FAS Holding Company
Corporate
1,125
44
248.
Saudi Fransi Bank
Corporate
275
110
249.
Saudi Industrial Investment Group
Corporate
3,492
26
250.
Saudi Investment Bank
Corporate
369
97
251.
Saudi Oger Company
Corporate
717
60
252.
Corporate
10,131
13
253.
Saudi Plastics Factory
Corporate
1,038
47
254.
Saudi Yamama Cement Company
Corporate
36
224
255.
SAVOLA Group
Corporate
5,170
21
256.
SINA Global Holding Limit
Corporate
182
133
257.
SNE Holding Company
Corporate
137
161
258.
SRMG
Corporate
427
90
259.
Individual
29,893
5
260.
Suleiman Mohammed Suleiman Al-Sulim
Individual
265
113
261.
Sumitomo Chemical Ltd Co.
Corporate
11,465
12
262.
Swicorp Joussour Company
Corporate
589
68
263.
Tala Trading Company
Corporate
106
175
264.
Technical Investments Company
Corporate
-
-
265.
Thunayan Fahd Al-Thunayan
Individual
144
153
266.
TRACO Group for Trading & Contracting
Corporate
104
177
267.
Turki Alnasiri
Individual
19
256
268.
UCA Insurance Company
Corporate
200
128
FALCOM RESEARCH
25
Wealthy Investors
Category
Wealth (SR Million)
Rank**
269.
United Group for Cooperative Insurance
Corporate
124
166
270.
United Industries Company
Corporate
361
98
271.
VHV Company
Corporate
94
181
272.
Wahdan for commercial investment
Corporate
30
239
273.
Yosif Abdullah Shlash Al-Shlash
Individual
1,318
37
274.
Zainal Industries Company Limited
Corporate
677
61
275.
Zamil Group Holding Company
Corporate
571
69
th
**Ranked on the basis of wealth as of 30 September 2009
Note: Investors with no holding have reduced their stakes over past nine months.
FALCOM RESEARCH
26
Annexure B
Table 15: Alphabetical list of Companies mentioned in the report
Short Names
Name of the Company
1.
A.Othaim Market
Abdullah Al Othaim Markets Co.
2.
Al Ahsa for Development
Al Ahsa Development Co.
3.
Al Babtain
Al Babtain Power & Telecom Co.
4.
Al Baha
Al Baha Investment & Dev. Co.
5.
Al Rajhi
Al Rajhi Bank
6.
Alinma Bank
Al Inmaa Bank
7.
Arab Cement
Arabian Cement Co.
8.
Arab National
Arab National Bank
9.
Arriyadh Development
Arriyadh Development Co.
10. Bishah Agriculture
Bishah Agriculture Dev. Co.
11. Budget Saudi
United International Transport Co. Ltd.
12. Ceramic
Saudi Ceramic Co.
13. Eastern Agriculture
Ashargiyah Agriculture Dev. Co.
14. Eastern Cement
Eastern Cement Co.
15. Etihad Etisalat
Etihad Etisalat Co.
16. FIPCO
Filing & Packing Materials Manfg. Co.
17. Food
Food Products Co.
18. Gas&Industrialization
Nat'l. Gas & Industrialization Co.
19. Hotels
Saudi Hotels & Resort Areas Co.
20. Industrialization
National Industrialization Co.
21. Jabal Omar
Jabal Omar Dev. Co.
22. Jarir
Jarir Marketing Co.
23. Jouff Agriculture
Al Jouf Agriculture Dev. Co.
24. Kingdom Holding Company
25. Ma'aden
Saudi Arabian Mining Co.
26. Malath Insurance
Malath Coop. Ins. And Reins. Co.
27. MEDGULF
The Mediterranean Gulf Ins. & Reins.
28. Mubarrad
Saudi Transport & Investment Co.
29. NADEC
Nat'l. Agriculture Dev. Co.
30. NCCI
The Company for Coop. Ins.
31. Petro Rabigh
Rabigh Refining & Petrochem. Co.
32. Petrochem
National Petrochemical Co.
33. Pharmaceutical
Saudi Pharmaceutical Inds. & Med. Appliances Co.
34. Pipes
Arabian Pipes Co.
35. Qassim Cement
The Qassim Cement Co.
FALCOM RESEARCH
27
36. Real Estate
Saudi Real Estate Co.
37. RIBL
Riyad Bank
38. SABB
The Saudi British Bank
39. SABIC
Saudi Basic Industries Corp.
40. SAFCO
Saudi Arabia Fertilizers Co.
41. Sahara Petrochemical
Sahara Petrochemical Co.
42. SAMBA
Samba Financial Group
43. SAPTCO
Saudi Public Transport Co.
44. SASCO
Saudi Automotive Services Co.
45. Saudi Cement
Saudi Cement Co.
46. Saudi Chemical
Saudi Chemical Co.
47. Saudi Electricity
Saudi Electricity Co.
48. Saudi Export
Saudi Industrial Export Co.
49. Saudi Fisheries
Saudi Fisheries Co.
50. Saudi Fransi
Banque Saudi Fransi
51. Saudi Hollandi
Saudi Hollandi Bank
52. Saudi Industrial
Saudi Industrial Development Co.
53. Saudi Kayan
Saudi Kayan Petrochem. Co.
54. SAVOLA Group
SAVOLA Group
55. Shams
Tourism Enterprise Co.
56. Shipping
The Nat'l. Shipping Co. of Saudi Arabia
57. SIBC
The Saudi Investment Bank
58. SIIG
Saudi Industrial Inv. Group
59. Sipchem
Saudi International Petrochemical Co.
60. SISCO
Saudi Industrial Services Co.
61. Southern Cement
Southern Province Cement Co.
62. SRMG
Saudi Research & Marketing Group
63. STC
Saudi Telecom Co.
64. Taiba
Taiba Holding Co.
65. Thim’ar
Nat'l. Agriculture Marketing Co.
66. Yamamah Cement
Yamamah Saudi Cement Co.
67. Yanbu Cement
Yanbu Cement Co.
68. YANSAB
Yanbu Nat'l. Petrochemical Co.
69. Zain KSA
Mobile Telecommunications Co. Saudi Arabia
FALCOM RESEARCH
28
DISCLAIMER
All rights reserved. This research document is prepared for the use of clients of FALCOM Financial Services and may
not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express
written consent of FALCOM Financial Services. Receipt and review of this research report constitutes your
agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information
contained in this report (including any recommendations, estimates or price targets) prior to public disclosure of such
information by FALCOM Financial Services. The information herein was obtained from various sources believed to be
reliable but we do not give any representation or warranty as to its accuracy or completeness.
FALCOM Financial Services makes no representations or warranties whatsoever as to the data and information
provided in this report, nor does it represent that the information content of this document is complete or free from
any errors or omissions.
This report is for general information only. Neither the information nor any opinion expressed constitutes an offer or
an invitation to make an offer, to buy or sell any securities or other investment products related to such securities or
investments. It is not intended to provide personal investment advice and it does not take into account the specific
investment objectives, financial situation and the particular needs of any specific person who may receive this report.
Investors should seek a specialized financial advice regarding the appropriateness of investing in any securities, other
investment or investment strategies discussed or recommended in this report and should understand that
statements regarding future prospects may not be realized. Investors should note that income from such securities
or other investments, if any, may fluctuate and that price or value of such securities and investments may rise or fall.
Accordingly, investors may receive back less than originally invested. Any investment action based on the contents
of this document is entirely the responsibility of the investor.
FALCOM Financial Services or its officers or one or more of its affiliates (including research analysts) may have a
financial interest in securities of the issuer(s) or in related investments.
Our Research documents and reports are subject to change without notice.

FALCOM List of Wealthy Investors

Transcription

Similar documents

B I O G R A P H Y - Ambitiouz Entertainment

Worth, Inc.

slides

Saudi Jawahir Opens Just Cavalli Store in Saudi

Continued

City of Onkaparinga