Dammam, May, 2004 - Engineer Fareed Al-Khalawi, President & CEO of Saudi Arabian Amiantit Company, a joint-stock company, has announced the decisions taken at the Ordinary and Extraordinary General Assembly held in Dammam in May 19, 2004.

The General Assembly accepted the recommendations of the Board of Directors to assign the results of 2003 to increase the Company's capital from SR 700 million to SR 770 million. Accordingly SR 70 million of the reserved profits will be carried over to the capital, and one free share will be distributed against every ten shares. The Company's total number of shares will thus increase from 14 million to 15.4 million. The Extraordinary General Assembly agreed to amend the Company's articles of association to accommodate the new developments.

The General Assembly approved the Board of Director's report of the Company activities for the year 2003 and discharged the Board of Directors from responsibility for their performance for the year 2003. Also approved was the appointment of Al-Juraid and Partners and Al-Omari Accountants as comptrollers for the Company's accounts for the year 2004 at fees of SR 193,000.

Eng. Al-Khalawi added that the decisions became effective as of Saturday May 22, 2004. The free additional share will be distributed as follows: For a shareholder who owns a portfolio, the one free share for every ten shares will be deposited in his portfolio in Saturday, May 22, 2004. A shareholder who owns a certificate will be issued with a new certificate showing the number of additional shares, which will be delivered within 30 days. Fractions resulting from the additional shares will be summed into a portfolio and a certificate then sold, and the collected amount will be distributed to shareholders, each according to his fractions.

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