AlQa'dah 26, 1432, Oct 24, 2011, SPA - The Minister of Commerce and Industry, Abdullah Ahmad Zainal Ali Reza has approved establishment and conversion of four companies with a capital of SR 56 million. In a press statement issued here today by the Ministry of Commerce and Industry, its Under Secretary for Internal Trade, Hassan Bin Fadl Aqil announced that the Ministry endorsed the conversion of 'Al-Andalus' Holding Company from its limited liability status to a closed joint stock company with a capital of SR 50 million, split into 5 million shares, each with a nominal value of SR 10, which are subscribed wholly by the partners of the Riyadh-based company. He added that the Ministry also approved the establishment of Al-Thamer Investment Holding Joint Stock Company with a capital of SR 2 million, divided into 200,000 shares subscribed wholly by the founders the Riyadh-based company. The Minister of Commerce and Industry also endorsed the establishment of Yanbu-based international industrial and commercial development company as a closed joint stock firm with a capital of SR 2 million, divided into 200,000 shares subscribed fully by its founders, Aqil said. He added that the Ministry's approval also included the conversion of Shamekh company for development and trade investment, which currently is a limited liability company into a closed joint stock firm and amending its name to become Shamekh development and investment company with a capital of SR 2 million, split into 200,000 shares which are wholly subscribed by the partners of the Riyadh-based company.
