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"Fawaz Al-Hokair" converted into Joint Stock Company
Saudi Press Agency Published in Saudi Press Agency on 10 - 09 - 2006

MINISTER OF COMMERCE AND INDUSTRY DR HASHIM YAMANI HAS APPROVED CONVERSION OF FAWAZ AL-HOKAIR AND PARTNERS COMPANY INTO A JOINT STOCK COMPANY WITH A CAPITAL OF SR 400 MILLION.
THE CAPITAL IS SPLIT UP INTO 40 MILLION SHARES, AND THE VALUE OF EACH SHARE IS FIXED AT SR 10.
THE FOUNDERS OF THE RIYADH-BASED COMPANY HAVE ALREADY PAID SR 280 MILLION OF THE TOTAL CAPITAL, WHILE 12 MILLION SHARES WILL BE FLOATED FOR PUBLIC SUBSCRIPTION.
THE COMPANY WILL BE CONCERNED WITH IMPORTING MILITARY UNIFORMS AS WELL AS RETAIL AND WHOLESALE READY-MADE CLOTHES AND SHOES IN ADDITION TO GARMENTS, HOME AND OFFICE FURNITURE, CARS, ELECTRICAL APPLIANCES, PERFUMES, COSMETICS, JEWELRIES, AND CABLE AND TELECOMMUNICATION DEVICES.
THE COMPANY WILL BE MANAGED BY A SEVEN-MEMBER BOARD OF DIRECTORS TO BE APPOINTED BY ITS GENERAL ASSEMBLY.

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