Mubasher TV
Contact Us Advertising   العربية

Makkah Construction to establish unit with SAR 3m capital

Makkah Construction to establish unit with SAR 3m capital
Makkah to establish closed self-financed subsidiary with capital of SAR 3 million
MCDC
4100
72.52% 108.00 45.40

Riyadh – Mubasher: Makkah Construction and Development on Sunday said it started establishing a wholly-owned and self-financed closed subsidiary specialised in organising domestic Umrah with a capital of SAR 3 million.

The Tadawul-listed firm obtained an initial approval from the Saudi Ministry of Haj and Umra on 13 September 2017, it said in a bourse filing, adding that the establishment procedures will be completed through the related authorities.

The Saudi Arabia-based construction company forecasted that the establishment operations will be completed during the fourth quarter of fiscal year 1438/1439 Hijri year and will have a positive impact on shareholders.

Any related updates will be announced when available, Makkah Construction concluded.