Tameer establishes SAR 1m JV with Al Bassami

Arriyadh Development Company (Tameer) signed an agreement with Said Mohamed Al Bassami Company to establish a 50-50 joint venture with a total capital of SAR one million.
 

Tameer said in a statement on Tadawul Today that the new company’s core activities include the following:
 

Holding auctions for all vehicles’ types, construction equipment, drilling equipment, safety & security equipment, mineral selection equipment, measurement and analysis equipment, heavy industrial supplies, all types of spare parts & accessories, all types of auto & heavy equipment supplies in addition to other activities.
 

The company added that the new company is to start its business as of January 1^st 2015 and Tameer’s share will be financed from the company’s internal resources.
 

The financial effect will be reflected on Tameer’s Q1-2015 financials.