AlQa'dah 27, 1432, Oct 25, 2011, SPA - The Minister of Commerce and Industry, Abdullah Ahmad Zainal Ali Reza has approved establishment and conversion of three companies with a capital of SR 133.25 million. In a press statement issued here today by the Ministry of Commerce and Industry, its Under Secretary for Internal Trade, Hassan Bin Fadl Aqil announced that the Minister of Commerce and Industry has agreed to license the conversion of the International Al-Boslah Company for Financial Consultations from a limited liability company into a closed joint stock company and renamed it as the "Gulf One Capital" with a capital of SR 56.25 million divided into 5, 625,000 shares, each of a nominal value of SR 10, fully subscribed by the partners of the Jeddah-based Company. The Minister also approved the conversion of Ebrahim Abdullah Abu Nayan and Brothers Partnership Company into a closed joint stock company with capital of SR 75 million, split into 7,500,000 shares wholly subscribed by the partners of the Riyadh-based firm, Aqil said. He added that the Minister's approval also included the establishment of a real estate company "Obaar Al-Majd" with a capital of SR 2 million divided into 200, 000 shares subscribed fully by the founders of the Riyadh-based firm.
