The Minister of Commerce and Industry, Abdullah bin Ahmed Zainal Ali Reza, approved here today the transformation of Balsharaf Trade Limited Liability Company into a closed joint stock company. Dr. Hassan Fadhel Aqeel, Undersecretary of Ministry of Commerce and Industry for Internal Trade said that the company's capital is SR 2.1 billion, divided into 210,000 shares with a nominal value of 10 Saudi Riyals for each share. The founders subscribed in all the shares of the company. The duration of the 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 be traded only after obtaining the approval of Capital Market Authority (CMA).
