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.
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Stock Split Details |
|
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Current Capital |
SAR 1.2 bln |
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No. of Shares |
120 mln |
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Current Nominal Value |
SAR 10 a share |
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Post-Split Capital |
SAR 1.2 bln |
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Post-Split No. of Shares |
1.2 bln |
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Post-Split Nominal Value |
SAR 1 a share |
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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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