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 1st 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.