Minister of Commerce Dr Hashim Yamani approved the establishment of Ittihad Ittisalat Company, a Saudi stock company with capital of SR5 billion.
Shares of the Riyadh-based company have been divided into 100 million, the value of each share being SR50. The company’s founders have already paid the value of all shares.
The company will be managed by a board of directors with ten members who will be appointed by the company’s general assembly for a period of three years. The period of the first board of directors will be five years.
Establishment of the company, which will offer telecommunications services, is part of the Saudi policy to broaden the Kingdom’s economic base, diversify sources of national income, and boost private sector contribution to economic development.
Source: SPA
