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Alkhorayef Water’s board nods to setting up subsidiary

Alkhorayef Water’s board nods to setting up subsidiary
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Riyadh – Mubasher: The board members of Alkhorayef Water and Power Technologies Company gave the green light for establishing a new subsidiary that will be a limited liability company with Veolia Company of France.

The Saudi listed firm will own 49% equity in the new unit, dubbed Erwaa Water Company, while Veolia will hold 51% of ownership, according to a bourse filing on Monday.

Erwaa Water will have its registered office in Riyadh, with a capital standing at SAR 500,000. The subsidiary will focus on managing the operation and maintenance of water and environmental treatment services in Riyadh.