Minister of Commerce and Industry Abdullah bin Ahmad Zainal Ali Rida has approved the establishment of Gypsum company as a limited stock company with a capital of SR 320 million. The capital is split into 32 million shares and the nominal value of each share is SR 10. The founders of the Riyadh-based company have paid 25 percent of the total capital (SR 80 million). The company will be managed by a 4-member board of directors who are to be appointed by the company"s general assembly for a period of three years. The approval for the establishment of the company comes within the framework of the state"s policy which aims at broadening the economic base and diversifying sources of the national income as well as enabling the private sector to positively contribute to the acceleration of the wheel of economic development.
