The Minister of Trade and Industry, Hashim Bin Abdullah Yamani has licensed the establishment of the Technological Investment Company as a Saudi limited stock company with a capital of SR 600 million.
The capital will be split up into 12,000,000 shares, with each share worth SR 50.
The founders of this Riyadh-based company have fully paid the licensed capital.
The company will work in the fields of information technology, telecommunications, imports, assembling and manufacturing, marketing and maintenance of programs and systems of telecommunications, electronic dealings, electronic marketing, security and protection of information.
The period of the company will be 99 years effective from the date of the decision of the Minister of Trade and Industry to announce its establishment.
Circulation of company shares without the approval of the stock market commission will not be allowed.
The company's board of directors comprises seven members who are to be appointed by the company's general assembly for a period of three years.
The establishment of the company comes in line with the state's policy that aims to broaden the economic base and to diversify sources of national income, as well as enabling the private sector to contribute positively to the acceleration of economic development in the country.
