Al-Mutlaq Becomes Joint Stock Company

JEDDAH, 20 July 2005 — Al-Mutlaq Group has been transformed into a joint stock company with a capital of SR50 million. Commerce and Industry Minister Dr. Hashem Yamani has approved the move. The Riyadh-based company will have one million shares, each with a nominal value of SR50, the Saudi Press Agency said, adding that its founders have subscribed to all the shares. The company is licensed for 99 years to carry out industrial, commercial and real estate investment and engage in wholesale and retail business in agricultural equipment, irrigation equipment, laboratory equipment, electricity power generators, water and sewage materials, road and building materials, furniture, etc.