The Minister of Commerce and Industry Abdullah bin Ahmed Zainal Ali Reza, has approved the transformation of Haif Bin Mohammed Bin Aboud Al-Qahtani Company for Trading and Contracting and Dar I'lam for marketing Company from limited liability into closed joint stock companies. Dr. Hassan Fadhel Aqeel, Undersecretary of the Ministry of Commerce and Industry for internal trade said that Haif Company's capital is 250 million Saudi Riyals, divided into 25 million shares and Dar I'lam's capital is 15 million Saudi Riyals, divided into 1.5 million shares with 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 companies extraordinary general assembly. It is noteworthy that the Company shares can be traded only after obtaining the approval of Capital Market Authority (CMA).
