JEDDAH, 18 February — Control of the Adham business group has passed to Mishaal Adham after the death of his father, Sheikh Kamal Adham last year. Control of the companies, estimated to be worth around SR3 billion, will rest entirely with Mishaal who has reached a deal to purchase stakes owned by other heirs of the late Sheikh.
Mishaal Adham confirmed this while speaking to Arab News.
According to the deal, shares owned by Kamal Adham's wife, two daughters and two sons in Al-Mabani, Freyssinet Saudi Arabia, Saudi Elevator Co. (Schindler), Saudi Trading Co., Arabian Contracting Association (ARCAN) and Adham Establishment Co. will be transferred to Mishaal. The companies have interests in investment portfolios, real estate, contracting projects, telecommunications and hotel business inside and outside the Kingdom.
In order to complete the legal formalities of the transfer of shares from the other heirs to Mishaal, the Justice Ministry has fixed the official proceedings before Jeddah Shariah court judge Sami ibn Abdul Aziz Al-Sheikh on May 14.
Sheikh Kamal Adham, founder of the one of the largest business groups in the Kingdom, died in October 1999.
Al-Mabani is currently undertaking projects worth over SR2 billion while Saudi Elevator Co. maintains over 50,000 lifts Kingdomwide. His firms also own considerable stakes in the Inter.Continental Hotel chain.