AlHijjah 18, 1432, Nov 14, 2011, SPA - The Minister of Commerce and Industry Abdullah bin Ahmed Zainal Ali Reza has approved the establishment and transformation of 3 companies into closed joint stock companies with capitals of SR 202 million. Dr. Hassan bin Fadhel Aqeel, Undersecretary of the Ministry of Commerce and Industry for Internal Trade said that the approval included the establishment of Dr. Suleiman Abdulqader Faqih Hospital Company in Jeddah with a capital of SR 100 million. He added that the Minister has also approved the transformation of Jeddah-based Munif Amer Abdullah Al-Nahdi and Partners Company for National Education Services and Building's Development with a Capital of SR 100 million, and Riyadh-based Al-Bayan Holding Group Company with a capital of SR 2 million, both from limited liabilities into joint closed stock companies. The companies' capitals are divided into shares, with a nominal value of SR 10 for each share. The duration of companies is fixed at 99 years for each, starting from the date of the Ministerial approval, and 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).
