Jarir shareholders OK par value reduction to SAR 1/share

Logo of Jarir Marketing Co.

Jarir Marketing Co.’s shareholders greenlit the board’s proposal for reducing the stock’s par value from SAR 10 to SAR 1, during the extraordinary general meeting (EGM) held on May 30.

 

Stock Split Details

Current Capital

SAR 1.2 bln

No. of Shares

120 mln

Current Nominal Value

SAR 10 a share

Post-Split Capital

SAR 1.2 bln

Post-Split No. of Shares

1.2 bln

Post-Split Nominal Value

SAR 1 a share

Effective Date

Shareholders owning shares on the EGM date, who are registered with Edaa by the close of the second trading day following the EGM
 

In a statement to Tadawul, Jarir said the stock price will be adjusted accordingly starting from the day following the EGM date. The decision will also apply to the number of shares in shareholder portfolios on the second trading day following the EGM, which approved the stock split.

 

Jarir shareholders also approved transferring SAR 339.96 million in statutory reserve as of Dec. 31, 2022, to retained earnings.

 

The board was also authorized to pay interim dividends on a quarterly or semi-annual basis for 2023.

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