3 September 1998: The Saudi Arabian Minister of Commerce, Osama Ibn Jaafar Faqeeh, has approved transformation of the Zamil Steel Buildings Co. into a joint stock firm from a limited liability partner…
3 September 1998: The Saudi Arabian Minister of Commerce, Osama Ibn Jaafar Faqeeh, has approved transformation of the Zamil Steel Buildings Co. into a joint stock firm from a limited liability partnership following the company“s acquisition of the Zamil air conditioners and Household Appliances Factory and Al-Zamil Glass Factory, according to a recent press report. The company“s name will be changed to “Al-Zamil Industrial Investment Company” with a capital of SR 300 million divided into six million shares with a nominal value of SR 50 per share. The company“s partners have subscribed to all the shares and paid their value fully, the report said. It will manufacture, install and sell buildings, high voltage power pylons, steel boilers, bridges, flyovers, gas turbines ducts, airconditioners, glass, mirrors, and own, establish, maintain and operate industrial projects, real estate, buildings and warehouses. The company“s executive president, Adeeb Abdullah Al-Zamil, who is also a board member of the Hamad Abdullah Al-Zamil Group of Companies, has confirmed that the Group“s share of the joint stock company“s capital stands at 60%, while the remaining 40% will be held by other Saudi and Gulf companies and businessmen including the Gulf Investment Establishment, Kuwait; Jum“aa Al-Majed Co., the UAE, Al-Mo“ayyed Co. and Mohammad Jalal Co., Bahrain and Al-Man“ee and Al-Mana“ee companies of Qatar. It is expected that Dr. Abdul Rahman Abdullah Al-Zamil will chair the first board of directors of the new company when the first session of shareholders will be held in about two months.