The Minister of Commerce and Industry, Abdullah bin Ahmed Zaynal Ali Reza approved today the establishment of an Integrated Telecom Company (ITC), as a public joint stock company, with a capital of one billion Saudi riyals. Dr. Hassan Fadhel Aqeel, the Deputy of the Ministry of Commerce and Industry for Internal Trade said in a statement that the Company's capital is divided into 100 million shares with a nominal value of SR 10 for each share; the founders have subscribed to 65 million shares; and 35 million shares have been offered for public subscription. The duration of the company is 99 years starting from the date of the ministerial approval; the duration may be extended by a resolution of the company's extraordinary general assembly.
