JEDDAH, 3 March 2006 — The minister of commerce and industry approved this week the requests of three Saudi companies to operate as closed joint stock companies. Hashim Yamani approved the launch of Tabuk Investment and Tourism Co. and Wathigah Real Estate Investment Co. while giving the go-ahead to Alkhaleej Training and Education Co. to transform into a joint stock company. The shares of the three companies are not to be traded in the Saudi stock market until they receive the approval of the Saudi Capital Market Authority.
Alkhaleej — the Saudi franchisee of New Horizon Centers, the largest training centers in the world — received on Saturday the minister’s approval to turn into a joint stock company. The Riyadh-based company is continuing its operation with a paid up capital of SR80 million distributed into 1.6 million shares with a nominal value of SR50 per share. The duration of the company is 99 years starting from the day of the minister’s approval.
Tabuk Co. is launching with an initial paid up capital of SR24 million distributed into 480,000 shares with a nominal value of SR50 per share. The company, which is based in Tabuk city, will commence operation in the field of fishery business and real estate and cities development.
Similar to Alkhaleej, the duration of the company is 99 years starting from Tuesday, the day of the minister’s approval.
The Riyadh-based Wathigah, which received the minister approval on Tuesday, is to launch with an initial paid up capital of SR2 million distributed into 40,000 shares with a nominal value of SR50 per share. The duration of the real estate developer is 30 years starting from the day of the minister’s approval.
