NIG Prospectus - London Stock Exchange

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Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:19 pm – mac5 – 3776 Section 07 : 3776 Section 07Specialist EngineeringIn 1996, NIG acquired BI Group, a listed company in the UK, which is the parent company for agroup of specialist engineering companies. BI Group has manufacturing and stockist operations inthe UK, Continental Europe and the US. NIG’s ownership in the BI Group is ultimately heldthrough NIG Group Bahrain EC (NIGG), a Bahrain holding company.The operational activities of the BI Group are focused on three divisions: Engineering; Plastics; andMetals. The following table sets out a revenue breakdown of each of BI Group’s divisions for theyears ended 31 December 2006, 2005 and 2004.31 December11111111111111234200411112005111120061111(£ thousand)Engineered products .............................................................. 57,353 51,239 45,563Plastics .................................................................................... 24,906 17,413 13,390Metals...................................................................................... 37,290111142,570111150,5741111Total ........................................................................................ 119,549 1111111,222 1111109,5271111Engineering DivisionThe Engineering division includes the following companies, each of which are wholly owned by BIGroup:• George Wilson Industries (GWI): GWI manufactures new gas meters and gas regulatorsand rebuilds, repairs, and recalibrates old meters in accordance with standards set by theregulators in each of its markets. GWI gas meters are used in residential, commercial andindustrial buildings.• GMT GmbH (GMT): GMT manufactures new gas meters and regulators in Germany for usein residential, commercial and industrial properties as well as providing products to GWI forcalibration, completion and onward sale.• Diamond H Controls (Diamond H): Diamond H supplies ISO 9001 certified control andswitching equipment products used in household gas appliances. Diamond H has anotherfactory based in Long Gang, China, which manufactures products for Diamond H Controlsas well as sourcing and manufacturing components for third parties and other companieswithin NIG.• Prestige Industrial: Prestige Industrial services, the industrial and craft bakeware industrysupplying new and re-glazed baking trays, and ancillary equipment such as trolleys and flattrays.• Prestige Medical: Prestige Medical manufactures autoclaves which are sold into the dental,podiatry, beauty, medical, tattoo and other sectors principally in the UK but also around theworld.Plastics DivisionThe Plastics division includes the following companies, each of which are wholly owned by BIGroup:• BI Composites (BIC): BIC manufactures components for the Automotive, Off-highway andspecialist vehicle sectors in the UK. Products are manufactured using Polyurethane andComposite Technologies, applied in plastic injection moulding (PIM), Vacuum Forming,Polyurathane Mouldings (self skinning), Structural Reaction injection moulding (SRIM) and74
Level: 8 – From: 8 – Thursday, August 9, 2007 – 2:19 pm – mac5 – 3776 Section 07 : 3776 Section 07Resin Transfer Moulding (RTM). BIC holds TS16949 and ISO 9001 certification as well asvarious other customer quality accreditations. Major customers include Bentley Motors,Land Rover, JCB, LTI, Aston Martin and Dennis Eagle. Products include door panels,armrests, headrests, handles, consoles, vehicle hoods, body panels and load floors.• Cinpres Gas Injection (CGI): CGI is the leading worldwide provider of equipment,technology and customer support services for gas assisted moulding. CGI sells equipmentand licenses around the World. Gas assisted moulding is an important process for leadingcar manufacturers in Europe, the US and the Far East as well as to consumer, electronic andother sectors.Metals DivisionThe Metals division consists of the UCB companies wholly owned by BI Group (except for thestockist in Italy which is 60 per cent. owned by BI Group). These consist of four foundries (locatedin the UK, Spain and Czech Republic) and eleven stockist/machinists located in the UK, Germany,France, Spain, Sweden, Austria, Czech Republic, Italy and the USA. The division manufactures,sells and distributes mehanite continuous cast iron bars. Together the UCB businesses representEurope’s largest producer of continuous cast iron bars. The properties of continuous cast iron barsmake it ideal for hydraulic, pneumatic, machinery, machine tool and many other applications. UCBcompanies serve the automotive, glass, oil & gas, machine tool and many other industry sectorswith their branded ‘Unibar’ products.PetrochemicalsIn 1996, NIG established Ikarus (formerly known as the National Company for Cement Industries).Ikarus is 72 per cent. owned by NIG and its objective is to engage in the development of aninvestment in local and regional petroleum and petrochemicals ventures.As at 31 December 2006, Ikarus had equity investments in companies listed on the KSE with avalue of approximately KD 25 million. In addition, Ikarus holds a direct equity interest in thefollowing companies:Saudi International Petrochemical Company (SIPCHEM)SIPCHEM was founded in Saudi Arabia in September 1998 and in November 2006 had a fully paidup share capital of US$533 million. Ikarus and the Al-Zamil Group are the largest shareholders,with Ikarus holding 8 per cent. of the issued shares. Other shareholders in SIPCHEM include ArabInvestment Company, Dubai Investment Company, Arab Petroleum Investments Corporation andAl Guoriar Investment Company. SIPCHEM was formed to pursue the production of the followingmajor petrochemicals: butandiol, methanol and acetic acid, vinyl acetate monomer and carbonmonoxide.National Industrialisation Company (Tasnee)Ikarus has a 5 per cent. stake in Tasnee, which was established in 2000 in Saudi Arabia to operatein the petrochemical sector. The principal shareholders of this company are the NationalManufacturing Company (Saudi Arabia), Gulf Investment Company (Saudi Arabia) and Ikarus.Tasnee operates a US$526 million, 500,000 tonnes per year propane dehydrogenation andpolypropylene plant in Jubail, Saudi Arabia. Production began in June 2004.Tasnee has increasedits shareholders’ equity in order to finance its forthcoming projects, which include the constructionof an ethylene and polyolefin complex as well as a methanol and acetic acid complex.75
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NIG Prospectus - London Stock Exchange

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