Saudi Industrial Services Co. (SISCO) said on Monday it has received governmental approval to convert Kindasa Water Services, a limited liability company, into a closed joint-stock company.
Kindasa’s partners met on Sunday to approve the plan during the constituent assembly, SISCO said in a statement to Tadawul. The move will not have an impact on SISCO’s ownership in the company, or its financial results.
It will, however, help Kindasa move forward with future expansion plans and financial stability.
SISCO currently has four representatives on Kindasa’s board. It also holds a 60 percent stake in the water services company, which has a SAR 77.3 million capital.
Kindasa was first set up in Jeddah in 2000, making it the first private company to provide seawater desalination and distribution of potable water to the kingdom’s second-largest city.
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