Logo of MOBI Industry Co.
MOBI Industry Co.’s board of directors recommended during its meeting, on April 27, splitting the stock's par value from SAR 10 to SAR 1.
In a statement to Tadawul, the company pointed out that the number of shares, following to the proposed stock split, will become 50 million from 5 million.
|
Stock Split Details |
|
|
Current Capital |
SAR 50 mln |
|
Number of Shares |
5 mln |
|
Share Par Value |
SAR 10 |
|
New Capital |
SAR 50 mln |
|
New Number of Shares |
50 mln |
|
Par Value After Stock Split |
SAR 1 |
The company’s board also recommended cancelling the company’s term, which was set at 99 years, and the statutory reserve item in the articles of association.
A proposal was submitted to the upcoming general assembly to transfer the entire balance of the statutory reserve on the meeting date to the retained earnings account.
The above recommendations are subject to the approval of competent authorities and MOBI Industry's shareholders, the statement concluded.
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