Sasco sets up two new subsidiaries

Saudi Automotive Services Company (SASCO) said it completed yesterday regulatory procedures to set up two limited liability subsidiaries, Nakhla Sasco and Waha Sasco.

Nakhla Sasco will specialize in importing and distributing foodstuff and other commodities. It will have a capital of SAR 500,000 (internally-financed by the parent company), a filing to Tadawul said.

Waha Sasco is 99 percent owned by Sasco and the remaining percentage owned by another Sasco subsidiary, and will provide lodging services with a SAR 500,000 capital.