The Minister of Commerce and Industry, Abdullah bin Ahmed Zainal Ali Redha approved here today the establishment of Excellent Rasikhat Company for Real Estate Investment as a closed joint stock Company. Dr. Hassan Fadhel Aqeel, the Undersecretary of Ministry of Commerce and Industry for Internal Trade said in a statement that the company"s capital is SR 2 million divided into 200,000 shares with a nominal value of 10 Saudi Riyals each. The founders have subscribed in all the shares of the Jeddah-based Company. The duration of the Company is 50 years starting from the date of the ministerial approval decision; the duration may be extended by a decision of the company's extraordinary general assembly. It is noteworthy that the Company shares can be traded only after obtaining the approval of Capital Market Authority (CMA).
