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Riyadh Mubasher: National Building and Marketing Company has completed, on 22 December, the establishment of its new enterprise under the name Yuzhmash Industry Limited Liability Company with a capital of SAR 100,000.

The new company specialises in military industries, in which National Building owns 55%, according to a bourse filing on Thursday.

Ukraine-based Southern Machine Building Plant, dubbedA.M. Makarov, and UK-based Yuzhmash International possess stakes of 15% and 30 %, respectively, in Yuzhmash Industry.

It is worth noting that National Building announced on 3 November the signing of a memorandum of understanding (MOU) to set up a new limited liability company focused on military industries.

In August, the Saudi listed firm had extended with Ukraine-based Yuzhmash the MoU which was signed on 3 May to establish the new business.

Source: Mubasher

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