10 January 2016
JEDDAH -- Manafea Holding Company recently announced the merger of Mohammed Abdul Aziz Al-Rajhi & Sons Holding Company (closed joint stock company) with Manafea Holding Company (closed joint stock company). The new company will be named Mohammad bin Abdul Aziz Al-Rajhi & Sons Investment Company.

With the completion of the merger transaction, Mohammed bin Abdul Aziz Al-Rajhi family companies will be among the top five family businesses in the Kingdom, forming the strongest integration of investment and industrial power. This move comes within the strategic plans of the family, thus making Mohammed bin Abdul Aziz Al-Rajhi family among investment sector leaders in Saudi Arabia.

This comes after the adoption of the merger agreement that was voted and approved during the extraordinary general meeting at Movenpick Hotel in Riyadh. In this regard, CEO and Board member, Mohammed Saad bin Dawood, said the main objective of the merger is to unite the goals and activities of all group companies (subsidiaries and affiliates) and various human resources, as well as increase opportunities for competition both domestically and globally."

The general assembly of shareholders also approved within its resolutions, the election of a new Board of Directors for the company, where the elected Board of Directors consists of nine members with strong governance, and includes five independent members.

Mohammed bin Abdul Aziz Al-Rajhi & Sons is a closed joint stock company with a capital of SR4.8 billion, and the company today is considered among the best leading investment companies in Saudi Arabia with the most versatile investment portfolio locally, regionally and globally.

The history of the group goes back more than 50 years when the late founder Mohammed bin Abdul Aziz Al-Rajhi, founded and established the first company, noting that Mohammed bin Abdul Aziz Al-Rajhi & Sons Investment Company included a number of leading industrial companies in its area of business. The new entity is considered as a continuation of the plan drawn by the founder of the group.

The company's investment portfolio focuses primarily on investment in real estate, private equity, tourism, and various industrial sectors.

© The Saudi Gazette 2016