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Amak launches Snam Mining with 200M riyals
The Majdiya for Mining "Amak" has announced the establishment of a new closed joint-stock company called "Snam Mining" with a capital of 200 million riyals, headquartered in Jeddah. The company will operate in the mining sector without conducting exploration or mining activities in the Najran and Aseer regions, in order to preserve the scope of the company's current operations. "Amak" owns 51% of the new company's capital, with participation from institutions and individuals associated with its Board of Directors, including related parties among the shareholders. The board approved the establishment after the necessary regulatory licenses were obtained, with four members attending without voting due to conflicts of interest or kinship ties with the shareholders; this step aims to strengthen its mining investments.
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