Abdullah Bin Ahmed Zainal Ali Reza, Minister of Commerce and Industry, has approved the establishment and transformation of three companies into closed joint stock companies with combined capital of SR202 million. Dr. Hassan Bin Fadhel Aqeel, Undersecretary of the Ministry of Commerce and Industry for Internal Trade, said that the approval included the establishment of Dr. Suleiman Abdulqader Faqih Hospital Company in Jeddah with a capital of SR100 million. He added that the minister has also approved the transformation of Jeddah-based Munif Amer Abdullah Al-Nahdi and Partners Company for National Education Services and Buildings Development with capital of SR100 million, and Riyadh-based Al-Bayan Holding Group Company with capital of SR2 million. From limited liabilities the two companies will now become joint closed stock companies. The capital of the companies is divided into shares, with a nominal value of SR10 for each share. The duration of the companies is fixed at 99 years for each, starting from the date of the ministerial approval. This can be extended by a resolution of the company's extraordinary general assembly. The companies' shares can be traded only after obtaining the approval of the Capital Market Authority (CMA).
