BinDawood Holding approves to set up subsidiary with SAR 5 mln capital

BinDawood Holding building

The board of directors of BinDawood Holding Co. approved, on Jan. 13, the establishment of a 100%-owned subsidiary (as a limited liability company) with its head office in Jeddah and capital of SAR 5 million.  

The company said in a bourse filing that the subsidiary will be specialized in providing technical solutions and projects that will help BinDawood Holding capitalize on investment opportunities through establishing new companies and acquiring existing entities to achieve the parent company's long-term goals and strategy.   

This will be done after obtaining the necessary approvals and licenses from the relevant authorities.

Furthermore, any developments in this regard will be announced in due course.