JEDDAH, 8 August 2005 — The minister of commerce and industry announced yesterday the approval of changing Almarai Ltd. Company to a joint stock company with a total capital of SR750 million divided into 15 million shares with the nominal price of each share is SR50. The founders underwrote the whole capital for the company, which will be based in Riyadh. Almarai specializes in producing, manufacturing, packaging and distributing dairy products, food products for human or animal consumption, agricultural and animal products including cattle, poultry, bees, fish and shrimp. The company tenure will be for 99 years starting at the date of the minister’s announcement; it can be extended with a decision by the extraordinary general assembly. The founders’ stocks will not be traded until after the approval of the Capital Market Authority. The company will be managed by a board of directors consisting of eight members appointed by the ordinary general assembly for three years except for the first board of directors which will have five-year appointments.
