The Minister of Commerce and Industry, Abdullah bin Ahmed Zainal Ali Reza, approved here today the transformation of Companies of Trans Saudi Kingdom for Trade, Industry and Construction; Al-Naifat for Installment; and Al-Mohammediyyah United, from limited liability into closed joint stock companies. Dr. Hassan Fadhel Aqeel, the Undersecretary of Ministry of Commerce and Industry for Internal Trade said that Trans Saudi Kingdom Company's capital is SR 240 million, divided into 24 million shares; Al-Naifat's capital is SR 250 million divided into 25 million shares, and Al-Mohammediyyah 's capital is SR 50 million divided into 5 million shares, with a nominal value of 10 Saudi Riyals for each share. The founders subscribed in all the shares of the companies. The duration of each company is 99 years starting from the date of the Ministerial approval; the duration may be extended by a decision of the company's extraordinary general assembly. It is noteworthy that the companies' shares can be traded only after obtaining the approval of Capital Market Authority (CMA).
