SAIC concludes procedures for establishing SAR 5 mln subsidiary

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co. (SAIC) announced issuing the memorandum of association and commercial register of its new wholly-owned one-person limited liability company, called United Permanent Growth Investment Co., with a capital of SAR 5 million.

The new subsidiary, which will be the investment arm of SAIC, is set to start operating after the incorporation process — from a technical and administrative perspective — is completed within 60 days. Core requirements were met, according to a Tadawul statement today, June 11.

“There are no costs associated with the event during the current period, and the financial impact will be announced later, if any,” SAIC said.

Earlier this month, SAIC’s board approved setting up a wholly-owned limited liability company based in Riyadh, according to Argaam’s data.