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Riyadh – Mubasher: The board of BinDawood Holding Company has approved to establish a wholly-owned subsidiary with a capital of SAR 5 million, according to a bourse disclosure on Sunday.
Based in Jeddah, the new limited liability company will offer technical solutions that will enable the parent company to seize new investment opportunities.
The new affiliate aims to set up new companies and acquire existing entities to help BinDawood realise its long-term goals.
The establishment of the subsidiary is subject to the necessary approvals and licences from the relevant authorities.
It's worth noting that in the third quarter (Q3) of 2021, BinDawood's net profits were valued at SAR 70.24 million, down 10.6 % year-on-year (YoY) from SAR 78.65 million.