Abdullah Ahmed Zainal Ali Ridha, The Minister of Commerce and Industry, has approved turning the Company of Al-MAAREFA College for Science and Technology into a closed joint stock Company. Dr. Hassan Fadh Aqeel, the Under Secretary 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 it is divided into 50 million shares with nominal value of 10 Saudi Riyals for each share. The founders subscribed to all shares of the Company. The duration of the Riyadh-based company is 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 only through obtaining the approval of Capital Market Authority (CMA). The company will be managed by a five-member board of directors who are to be appointed by the Company's General Assembly for a period of three years. This development comes within the framework of the State's policy which aims at broadening the economic base and diversification of the sources of the national income.
