Al-Babtain Establishes SAR 5 mln Solar Lighting Company

Al-Babtain Power & Telecommunication Co. said Sunday that it’s planning to establish a limited liability company that will market, sell, and produce decorative columns, as well as LED and solar lighting.

The Riyadh-based company will operate with SAR 1 million paid-up capital, divided into 10,000 stakes at SAR 100 each, and an authorized capital of SAR 5 million.

The firm’s board has approved the decision to launch the new company, which will be 97 percent owned by Al-Babtain Power & Telecommunication and three percent will be held by Al-Babtain for Operation and Maintenance.

“The Integrated Lighting Company Ltd. will be managed by Abdul Aziz Abdullah Ibrahim Al-Babtain, Ibrahim Hamad Abdullah Al-Babtain, and Abdul Karim Hamad Abdullah Al-Babtain,” the company said in a statement.  “The new firm will increase the company’s market shares and promote the products and services that the company has to offer.”

It will also have the right to own shares and stocks in other listed firms, merge with other companies, or participate with other firms in establishing joint stock or limited liability companies.

The Integrated Lighting Company Ltd. can control shares or stocks that do not include brokerage in circulation. Its commercial license will last for 25 years from the date of its establishment, and will be automatically renewed unless one of the partners decides not to continue.