Saudi Top’s board recommends par value reduction to SAR 1

Headquarters of Saudi Top for Trading Co.

Nomu-listed Saudi Top for Trading Co.’s board of directors recommended on Aug. 29 to reduce the stock nominal value from SAR 10 to SAR 1 a share, while maintaining the company’s capital unchanged, according to a statement to Tadawul.

 

Details of Stock Split

Current Capital

SAR 40 mln

No. of Shares

4 mln

Stock Nominal Value

SAR 10

New Capital

SAR 40 mln

No. of Shares

40 mln

Stock Nominal Value

SAR 1
 
Accordingly, the number of shares will increase to 40 million instead of 4 million. The company is committed to completing all regulatory procedures and obtaining the extraordinary general meeting (EGM) approval. 
 

The company will duly announce updates, the statement added.

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