Alhokair Group board proposes 10-for-1 stock split

10/04/2023 Argaam

Alhokair Group board proposes 10-for-1 stock split

Logo of Abdulmohsen Alhokair Group for Tourism and Development

Abdulmohsen Alhokair Group for Tourism and Development’s (Alhokair Group) board of directors recommended today, April 10, a stock split from SAR 10 to SAR 1 per share, according to a statement to Tadawul.

 

Accordingly, the share capital will amount to 315 million instead of 31.5 million, the statement added, noting the company's commitment to finalize the necessary related procedures.


Several other companies in the Saudi market, including Jarir Marketing Co., National Environmental Recycling Co. (Tadweeer), Fesh Fash Snack Food Production Co. and Ladun Investment Co., recently decided to split the nominal value of their shares from SAR 10 to SAR 1 apiece, while keeping capital unchanged.

 
This came as the new Companies Law recently came into force, which allowed for the stock split provided that the company’s board files a proposal for the move, detailing its impact on shareholders and the percentage eligible to each of them from shares after the stock split.

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