National Building sets up military industries firm with SAR 100,000 capital

23/12/2021 Argaam

Logo of National Building & Marketing Co.

National Building & Marketing Co. (NBM) completed, on Dec. 22, setting up Yuzhmash Industry Limited Liability Co., operating in the field of military industries, with a capital of SAR 100,000. 

 

The new partnership is headquartered in Riyadh with 55% stake held by National Building, 15% by Ukraine-based Southern Machine-Building Plant (A.M. Makarov) and 30% by UK-based Yuzhmash. 

 

The establishment of the company has been completed and the commercial register has been issued to conduct business regularly, the company said in a bourse statement, noting that there are government expenses associated with the establishment.

 

According to data compiled by Argaam, NBM signed a memorandum of understanding (MoU) to set up a limited liability company with a capital of SAR 100,000 in partnership with Yuzhmash International.

 

In November, NBM announced obtaining the license issued by the Ministry of Investment to establish the company in partnership with UK-based Yuzhmash.

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