Jul 20 2005 |
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Kayan Petrochemicals Licensed As Closed Joint Stock Company with a Capital of SR 32 Billion
Beirut (APD) - The Saudi Ministry of Commerce and Industry granted a license to Kayan Petrochemicals to be incorporated as a Saudi closed joint stock company with a capital of SR 3.2 billion divided into 64 million shares with a share's value of SR 50, the Saudi-based business daily Al Iqtisadiah reported Wednesday.The founders subscribed to the new firm's entire capital and paid 25% of it, the daily said.
Gassim Agricultural Company (GACO) announced on the Saudi Stock Exchange website, Tadawul, that the Saudi Ministry of Commerce and Industry approved the status of GACO as a founder of Kiyan Petrochemicals with a stake of SR 50 million divided on a total of 1 million shares.
"Kiyan will go public by offering parts of its shares for public subscription next September," a top official in the company said.
Kayan which will be headquartered in Riyadh will have its plants in the industrial city of Jubail 2 on an area of 2 million square meters. [SN-FC]
© APD (Arab Press Digest) 2005
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