Al-Rajhi & Sons, Manafea merger creates SAR 4.8 bln entity

18/10/2015 Argaam

Manafea Holding Co. has merged with Mohamed Bin Abdulaziz Al-Rajhi & Sons Holding Co. to create a new SAR 4.8 billion entity named Mohamed Bin Abdulaziz Al-Rajhi & Sons Investment.

 

The new entity will invest in real estate, tourism, and the industrial sectors. It will also place Al-Rajhi & Sons Holding Co. among the top five family-owned firms in the kingdom.

 

The decision to merge the two companies was made following the extraordinary meeting held in Riyadh on Sept. 14, 2015, and aims to streamline the businesses of the group of companies.

 

The assembly also elected a new nine-member board of directors with five independent members.

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