Mar 02 2011
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Minister Approves Formation of Closed Joint Stock Transport Company
The Deputy of the Ministry of Commerce and Industry for Internal Trade, Hassan Bin Fadl Aqeel said the company's capital will be SR 80 million, which is split into 8 million shares, each of a nominal value of SR 10. The Founders of the Company have subscribed to all shares of the Riyadh-based Company.
The company will be engaged in transporting goods, equipment and petroleum products and their derivatives, he added.
Its duration will be 99 years commencing from the date of its foundation. The period could be extended by a decision of the Extraordinary General Assembly of the company. Its duration could only be prolonged with the approval of the Capital Market Authority.
The company will be managed by its board of directors comprising five members who are appointed by the Ordinary General Assembly for a duration of three years, with the exception of the founders who were appointed the Company's first Board of Directors for a period of five years commencing from the date of announcing the establishment of the company.
It is noteworthy that the approval to establish this company comes within the state's policy aimed to promote economic activity in various sectors and raise the competitiveness of the national economy in the face of challenges and regional and international competitions.
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