Saudi Real Estate Co. (Al Akaria) has on Tuesday set up Saudi Korean Company for Maintenance & Facilities Management, a new 60 percent owned subsidiary in Riyadh, the company said in a bourse statement.
The new company has a total capital of SAR 20 million divided into two million equal shares at SAR 10 per share each.
Al Akaria has paid its share in the capital (SAR 12 million) from its internal resources.
The joint venture will be 21 percent owned by POSCO E&C Saudi Arabia while the remaining 19 percent will be held by a Korean company.
The new subsidiary was set up by a decision of Al Akaria’s board on May 10, 2017 to be an executive arm to maintain and operate the company’s existing and new projects.
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