SARCO obtains Commerce Ministry’s approval to cancel subsidiary

Logo of Saudi Arabia Refineries Co. (SARCO)

Saudi Arabia Refineries Co. (SARCO) obtained the Ministry of Commerce’s approval to cancel commercial registration number 4030475999 for its subsidiary Al-Sadu Investment Co.

According to a statement on Tadawul, Jeddah-headquartered Al-Sadu Investment was a limited liability company owned 100% by SARCO, with a capital of SAR 5 million.

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The statement highlighted that canceling the company was based on the board of directors’ recommendation.

In June 2022, SARCO announced the completion of issuing the memorandum of association and commercial register for Al-Sadu Investment.

The subsidiary carried out real estate, financial, financial technology, tourism services, public construction, mining, and quarrying activities.