Abdullah ِAhmed Zainal, the minister of Commerce and Industry approved here today the establishment of Societe General- Saudi Arabia as a closed joint stock Company with its headquarters in Riyadh city. Dr. Hassan Fadh Aqeel, Undersecretary of the Ministry of Commerce and Industry for internal trade said in a statement to The Saudi Press Agency (SPA) that the company"s capital is SR 50 million and is split into 5 million shares with a nominal value of 10 Saudi Riyals. The founders subscribed for all the shares of the company. The company"s main investment banking activities are acting as an agent, a clearing house, asset management and advisor that are in line with regulations issued by The Capital Market Authority (CMA). Any amendment to the company"s activities shall not be made except through an approval from the CMA. The duration of the company is set at 99 years starting from the date of the Ministerial approval resolution; the duration may be extended by a resolution of the company's extraordinary General Assembly. It is noteworthy that the Company shares can not be traded except through obtaining the approval of The Capital Market Authority (CMA).
