By SPA
Riyadh : Minister of Commerce and Industry Dr. Hashim bin Abdullah Yamani has endorsed the conversion of the Company of Mohamed Abdulaziz Al-Rajhi &Sons For Industry, Commerce and Agriculture to a Limited Capital Stock Company of SR. 800 Million.
The Riyadh-based Company will have a total of 80 Million shares, with each share valued at SR.10.
The duration of the Company will be 99 Gregorian years, effective from the issuance of the conversion under a Ministerial decision.
The Company’s extraordinary General assembly could extend the duration of the Company.
The Company will invest in Industrial, Commercial, Services and Agricultural Projects as well as purchasing land plots for purposes of investments and in wholesale and retail sales of equipments, machineries, industrial and agricultural spare parts and various other materials.
The conversion approval comes within framework of the state policy aims at expanding the Economic base and encouraging the private Sector to have an effective role in enhancing economic development.