Logo of Jazan Energy and Development Co. (JAZADCO)
Shareholders of Jazan Energy and Development Co. (JAZADCO) are set to vote on the board of directors’ recommendation to reduce the stock’s nominal value from SAR 10 to SAR 1 a share, during the extraordinary general meeting (EGM) slated for Dec. 26, 2023.
|
Details of Stock Split |
|
|
Current Capital |
SAR 500 mln |
|
No. of Shares |
50 mln |
|
Stock Nominal Value |
SAR 10 each |
|
New Capital |
SAR 500 mln |
|
New No. of Shares |
500 mln |
|
New Nominal Value |
SAR 1 |
The company said that the decision, if approved, will be effective for shareholders owning shares on the EGM date and registered with the Securities Depository Center Co. (Edaa) by the end of the second trading day following the EGM date.
The decision's impact on the stock price will appear as of the second business day following the EGM, provided that the decision is 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 the board’s proposal to transfer SAR 85.41 million in statutory reserve to fully offset the company’s accumulated losses, which amount to SAR 29.72 million, or 5.94% of capital, as on Dec. 31, 2022. The remaining SAR 55.69 million will be transferred to JAZADCO’s retained earnings account.
Other agenda items include voting on the board’s recommendation to change the company’s name from “Jazan Energy and Development Co.” to “Jazan Development and Investment Co.”, coupled with the addition of new business activities. Shareholders will also decide on amending bylaws in accordance with the new Companies Law.
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