Molan shareholders approve 10:1 stock split

Logo of Molan Steel Co.

Shareholders of Molan Steel Co. approved reducing nominal value from SAR 10 to SAR 1, during the extraordinary general meeting (EGM) held on Aug. 13, the company said in a statement to Tadawul.

 

The company indicated that capital will remain unchanged after the stock split. 

 

Stock Split Details

Current Capital

SAR 26.6 mln

Current Number of Shares

2.66 mln

Current Par Value

SAR 10/share

Capital after Stock Split

SAR 26.6 mln

Number of Shares after Stock Split

26.6 mln

Par Value after Stock Split

SAR 1/share

Record Date

August 13, 2023 (Shareholders registered with the Securities Depository Center Co. by the close of the second trading day following EGM)
 

The stock split will apply to shareholders of record and those registered with Edaa on the second trading day following the EGM date.

 

The stock split will apply to the share price as of the business day following the EGM, and the number of shares will be adjusted in shareholder portfolios on the second trading day following the EGM date.

 

In a separate statement, Tadawul indicated that fluctuation limits were based today, Aug. 14, on the stock price of SAR 4.60 a share, and the outstanding orders will be cancelled.   

 

Edaa will add the stock split securities in shareholder accounts before start of trading on Aug. 16.

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