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Jul 06 2010

Aziziah Panda Transformed Into Closed Joint Stock Company

Riyadh -- The Minister of Commerce and Industry, Abdullah bin Ahmed Zainal Ali Reza has approved transformation of United Aziziah Panda Company from limited liability company to a closed joint stock company.

Hassan bin Fadhel Aqeel, the Undersecretary of Ministry of Commerce and Industry for Internal Trade said that the Company's capital is SR 607,137,000, divided into 60,713,700 shares with a nominal value of 10 Saudi Riyals for each share. The founders subscribed in all the shares of the companies.

The duration of each company is 99 years starting from the date of the Ministerial approval resolution; 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).

© Saudi Press Agency 2010

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