Minister of Commerce and Industry Abdullah bin Ahmad Zainal Ali Rida has approved transforming the company of Al-Mubadarat for information and telecommunications into a Limited Stock Company. The capital of the company is estimated to be SR 4,300,000. It will be split up into 430,000 shares and the nominal value of each share is fixed at SR 10. The Riyadh-based Company will be concerned with retail and wholesale trade as well as maintenance and operation of computer devices and development of computer services and other related activities. The company will be managed by a six-member Board of Directors, who are to appointed by the company's general assembly. This development comes within the framework of the state's policy which aims at accelerating the wheel of the economic development and diversifying sources of the national income as well as encouraging the private sector to positively contribute to the process of economic development.
