Jarir converts Kuwaiti subsidiary to limited liability company

31/01/2016 Argaam

Jarir Marketing Co. (JMC) has changed the legal status of its wholly-owned subsidiary, Jarir Bookstore Kuwait, to a limited liability company with KWD 10,000 (SAR 123,400) in capital, in compliance with the Kuwaiti laws.

 

JMC changed the entity’s name to Jarir International Central Market Co. for Non-Food Retail, the company added in a statement to the Saudi bourse, Tadawul, on Sunday.

 

The subsidiary is 99 percent directly-owned by JMC and one percent indirectly owned by a limited partner.

 

JMC added that it expects no financial impact from the change in the unit’s legal status.

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