Logo of Abdullah Saad Mohammed Abo Moati for Bookstores Co.
Abdullah Saad Mohammed Abo Moati for Bookstores Co.’s (Abo Moati) shareholders will vote on reducing the stock's par value from SAR 10 to SAR 1, but keep the company’s capital unchanged, during the extraordinary general meeting (EGM), scheduled for Oct. 31, according to a Tadawul statement.
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Stock Split Details |
|
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Current Capital |
SAR 200 mln |
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Number of Shares |
20 mln |
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Share Par Value |
SAR 10 |
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New Capital |
SAR 200 mln |
|
New Number of Shares |
200 mln |
|
Par Value After Stock Split |
SAR 1 |
The company said that the decision, if approved, will be effective for shareholders who own shares on the EGM date and are registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date.
The effect of the decision will be applied to the share price starting from the business day following the EGM, provided that the decision will be implemented in relation to the number of shares in shareholders’ portfolios on the second trading day following the EGM date.
Shareholders will also vote on transferring the balance statutory reserve of SAR 7.03 million as of March 31, 2023, to retained earnings.
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