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Saudi's Amak to Form Majority-owned Closed Joint Stock Company in Jeddah

MT Newswires·09/17/2026 03:06:03
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03:06 AM EDT, 09/17/2026 (MT Newswires) -- Almasane Alkobra Mining Co. (SASE:1322), d/b/a Amak, is establishing a closed joint stock company called Sanam Mining Co., headquartered in Jeddah, Saudi Arabia. The Saudi mining company will own a 51% stake in Sanam, with 24% held by Ashum Rawasi Establishment for Mining, 15% by Majid Ali Bin Musallam, and 10% by Arab Mining, according to a Thursday release. Sanam will not be involved in any exploration or mining activities in the Najran and Asir regions to minimize competition with Amak.