Minister of Commerce Dr. Hashim Yamani has approved the establishment of the Saudi-Indian cooperative insurance company as a joint stock company with a capital of SR 100 million. The capital is split into 10 million shares, and the nominal value of each share is SR 10. The founders of the Riyadh-based company have so far subscribed for six million shares with SR 60 million, which is equivalent to 60 percent of the total capital. The remaining shares will be floated for subscription. The company will practice cooperative insurance and re-insurance operations. It will be managed by nine-member board of directors who are appointed by the company's general assembly. The approval of the establishment of the company comes in line with the State's policy which aims at broadening the economic base and enabling the private sector to positively contribute to the process of economic development in the country.
