Al Arabia sets up subsidiary with SAR 50,000 capital

27/02/2022 Argaam

Arabian Contracting Services Co. (Al Arabia)

Arabian Contracting Services Co. (Al Arabia) said it completed establishing a 100%-owned subsidiary, with a capital of SAR 50,000.

 

Supply chain have been established and all the necessary approvals and licenses have been obtained from the relevant authorities, the company added in a bourse filing.

 

The step was based on the approval of the board of director’s decision in its meeting held on July 14, 2021, which was setting up Arabian Bird Trading Co. (Sindebaad), headquartered in Riyadh, specialized in providing multi-vendor B2C with multiple categories including fashion, cosmetics, perfumes & home.

 

The step supports the company's strategy of increasing and diversifying its activity, in addition to raising the level of services and solutions, as well as aligning with Vision 2030 since Sindebaad is a new Saudi company in the e-commerce field.

 

Any material impact in this matter will be announced at the time, the statement added.

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