Minister of Commerce and Industry Hashim bin Abdullah bin Hashim Yamani has approved the establishment of five companies as joint stock companies. First is Lazourdi Jewelry Company with a capital of SR200 million. The capital is divided into four million shares, and the value of each share amounts to SR50. The company's founders have already paid the total capital. The Riyadh-based company will be managed by a five-member board of directors to be appointed by the company's general assembly for a period of three years. The second company is Ajlan Bin Abdul Aziz Al-Ajlan Brothers with a capital of SR300 million divided into 30 million shares. The nominal value of each share is SR10. The founders have subscribed to 21 million shares at a cost of SR210 million whereas the remaining 9 million shares will be offered for public subscription. The Riyadh based company deals in textiles, readymade clothes, furniture, marketing services, import and export, and real estate for the company. --MORE 11 08 Local Time 08 08 GMT
