Minister of commerce and industry Dr Hashim Yamani has issued his directives to turn Abdel-Latif al-Eisa group into a closed stock company with a capital of SR 200 million. The capital is divided into four million shares, and the value of each share is SR 50. The founders have already paid the total capital of the Riyadh-based company. The period of the company is 99 years effective from the date of the decision of the minister to announce its establishment, and it will not be allowed to circulate the shares of the company without the approval of the commission of the stock market. The company will be managed by a five-member board of directors which will be appointed by the company's general assembly for a period of three years. The establishment of the company comes within the framework of the policy of the Saudi Government to broaden the country's economic base and diversify its sources of income as well as to encourage the private sector to positively contribute to the acceleration of the process of the economic growth.
