Shams OKs par value change to SAR 10; trading halted for 2 days

Logo of Tourism Enterprise Co. (Shams)

Tourism Enterprise Co.’s (Shams) shareholders approved amending the share nominal value during the extraordinary general meeting (EGM) held on Oct. 16, according to a statement to Tadawul.

There will be no change in the company’s capital before and after the share value adjustment.

The decision will apply to all shareholders of record on Oct. 16, 2025, and those registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the EGM.

The share price adjustment will take effect starting from the business day following the EGM date, while the adjusted number of shares will be reflected in shareholders’ portfolios at the end of the second trading day after the EGM.

Shareholders also approved amending Article (7) of the company’s Articles of Association related to capital and Article (8) related to share subscription.

Meanwhile, the Saudi Exchange (Tadawul) announced that fluctuation limits for the company’s shares will be set at SAR 18.40, with outstanding orders canceled.

Furthermore, trading will be halted on the stock for two business days as of today, Oct. 19, until Edaa reflects the reverse split of the company’s shares on investors’ portfolios.

The suspension will be lifted by the end of the trading day on Oct. 20.

In July, Shams received a notice from the Saudi Exchange Group (Tadawul) stating that the average closing price of the company’s share had fallen below the minimum threshold, according to data available with Argaam.

Shams indicated that the deadline to take the necessary corrective actions started on July 20, 2025, and would last for three months, in accordance with Article 33 (C) of the Listing Rules.

At the time, the company stated that the actions it planned to take to comply with the minimum average closing price requirement included a reverse stock split to achieve a closing share price of not less than SAR 2.

Subsequently, the board recommended amending the nominal value from SAR 0.50 to SAR 10.

The company’s stock closed at SAR 0.92 in the last trading session before the change in nominal value.