Minister of Commence and Industry Dr Hashim Yamani has approved the establishment of Yanbu national petrochemicals company ""Yansab," a Saudi stock company with a capital of SR 5,625,000,000. The capital is divided into 112,500,000 shares and the value of each share is SR 50. The founders of the Yanbu-based company has so far paid 65 percent of the company's capital, and the remaining 35 percent of the shares will be floated for public subscription. The company will produce ethylene, propylene and poly-ethylene and other related products. The period of the company is 25 Gregorian years effective from the date of the announcement of the establishment of the company. It will be possible to extend the period of the company by a decision from its general assembly. The company will be managed by a seven-member board of directors whose members will be appointed by the company's general assembly for a period of three years. The establishment of the company comes within the framework of the state's policy to broaden and diversify the economic base and to encourage the private sector and enable it play an effective role in the process of accelerating the wheel of the economic development in the country.
