MOBI shareholders approve reducing nominal value to SAR 1

Logo of MOBI Industry Co.

MOBI Industry Co.’s shareholders approved reducing the stock par value from SAR 10 to SAR 1, during the extraordinary general meeting (EGM) held on June 22, according to a statement to Tadawul.

MOBI indicated that capital remained unchanged after the stock split process.

The company said the decision will be effective for all shareholders on the day of EGM, and those registered with Securities Depository Center (Edaa) at the end of the second trading day following the EGM, during which the stock split is approved.

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.

Meanwhile, shareholders authorized the board of directors to distribute interim dividends for 2023 and a semiannual or quarterly basis.

They also approved the transfer of the balance of the statutory reserve, amounting SAR 12.97 million, as of the annual financial statement ended Dec. 31, 2022, to retained earnings.

The daily trading fluctuation limit will be based on a share price of SAR 7.37 as of today, June 2, and the outstanding orders will be canceled, Tadawul said in a separate statement.

The Securities Depository Center (Edaa) will deposit the additional shares into investor portfolios by July 4.