The Minister of Commerce and Industry, Abdullah bin Ahmed Zainal Ali Reza has approved amending the name of Taibah Cooling Company to Taibah Facilities Company and its transformation along with Sons of Suleiman Hamad Al- Seef Company for Road Transport from limited liability companies to closed joint stock companies. Hassan bin Fadhel Aqeel, the Undersecretary of Ministry of Commerce and Industry for Internal Trade said that Taibah's capital is SR 10 million, divided into 1 million shares and Al-Seef Company with a capital of SR 2 million divided into 200,000 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 resolution; the duration may be extended by a resolution 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).
