Electrical Industries proposes reducing par value to SAR 0.50

22/05/2023 Argaam

Electrical Industries proposes reducing par value to SAR 0.50

Logo of Electrical Industries Co. (EIC)

Electrical Industries Co.’s (EIC) board recommended on May 21 reducing the stock’s par value from SAR 10 to SAR 0.50 apiece to the upcoming extraordinary general meeting (EGM). 

 

In a statement to Tadawul, the company pointed out that the number of shares post-stock split will rise to 900 million from 45 million.

 

EIC will complete the related paperwork and duly announce any updates, the statement added.

 

Stock Split Details

Current Capital

SAR 450 mln

Number of Shares

45 mln

Share Par Value

SAR 10

New Capital

SAR 450 mln

New Number of Shares

900 mln

Par Value After Stock Split

SAR 0.50

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