The Minister of Commerce and Industry, Abdullah bin Ahmed Zainal Ali Reza has approved the transformation of Saudi Perlite Industries Company from limited liability company into a closed joint stock company and the establishment of Company of Integration Capital Securities as a closed joint stock company. Hassan bin Fadhel Aqeel, the Undersecretary of Ministry of Commerce and Industry for Internal Trade said that Perlite's capital is SR 7.5 million, divided into 750,000 shares and Integration Capital Securities 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.
