The Acting Minister of Commerce and Industry, Dr. Saud bin Saeed Al-Mutahmi, has issued Ministerial Decision No. (352/Q) dated 27/11/1430 AH, approving the licensing of the transformation of Pan Kingdom Saudi SAPAC Company for Trading, Industry and Contracting from a limited liability company into a closed joint-stock company.
This was announced by Mr. Hassan bin Fadl Aqeel, Deputy Minister for Internal Trade, who explained that the company’s capital amounts to SAR 240 million, divided into 24 million shares, each with a nominal value of SAR 10. All shares have been fully subscribed by the company’s partners. The company’s headquarters will be located in Riyadh.
Company Main Activities:
The company’s activities include:
Contracting works for roads, dams, tunnels, buildings, and electrical, mechanical, and electronic works
Water and wastewater projects, including operation and maintenance
Real estate management and development, cleaning of buildings and roads
Operation and maintenance of water and sewage networks and stations
Landscaping, irrigation, park maintenance, and site coordination
Wholesale and retail trade in construction materials, sanitary and electrical supplies, heating, cooling, lighting equipment, marble, and tiles
Import and export services for third parties
Company Duration and Share Trading
The company’s duration shall be 99 Gregorian years, commencing from the date of issuance of the ministerial decision announcing its transformation. The company’s term may be extended by a resolution of the Extraordinary General Assembly.
It is noted that the company’s shares may not be traded without obtaining approval from the Capital Market Authority.
Board of Directors
The company shall be managed by a Board of Directors consisting of six members, appointed by the Ordinary General Assembly for a term of three years. The partners have appointed the first Board of Directors for a three-year term starting from the date of issuance of the ministerial decision approving the company’s transformation.
Economic Context
The approval of this transformation comes within the framework of the state’s policy aimed at expanding the economic base, diversifying sources of national income, and encouraging the private sector to play an active role in driving economic development.
