Riyadh—Amlak
The Minister of Commerce and Industry, Dr. Tawfiq bin Fawzan Al-Rabiah, approved the conversion of Al-Bustan Nurseries from a limited liability company to a closed joint-stock company with a capital of 50 million riyals, divided into five million shares with a par value of10 Saudi riyals. The partners have subscribed to all of the company’s shares, and the company is headquartered in Al-Kharj.
The company’s objectives are: establishing agricultural nurseries; engaging in the wholesale and retail trade of seedlings, flowers, ornamental plants, and agricultural machinery and equipment; and maintaining, landscaping, and planting trees in gardens and parks.
The company’s term shall be ninety-nine calendar years, beginning on the date of issuance of the ministerial decree announcing its conversion. The company’s term may be extended by a resolution issued by the Extraordinary General Assembly. It is worth noting that the company’s shares may not be offered to the public except in accordance with the regulations of the Capital Markets Law.
The company shall be managed by a board of directors consisting of three members appointed by the Ordinary General Assembly for a term of three years; however, as an exception, the partners shall appoint the company’s first board of directors for a term of five years beginning on the date of issuance of the ministerial decision announcing the company’s conversion.
The Ministry’s approval of this company’s conversion comes within the framework of the state’s policy aimed at boosting economic activity across various sectors and enhancing the competitiveness of the national economy in the face of regional and international challenges and competition.
