Saudi Arabia’s Taqa Plans Acquisitions to Expand, Al-Riyadh Says

Saudi Arabia’s Industrialization & Energy Services Co., which counts Saudi Arabian Oil Co. as its main client, plans to expand its business through acquisitions or establishing energy companies, al-Riyadh reported.

The company, known as Taqa, plans to distribute a 0.5 riyal-a-share (13 cents) dividend for 2011, the newspaper reported, citing a shareholders’ meeting. The Saudi government holds a 45 percent stake in the company.

To contact the reporter on this story: Glen Carey in Riyadh at gcarey8@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.