Naqi Water board amends par value reduction proposal to SAR 0.1 from SAR 1

One of Naqi Water production line

Naqi Water Co.'s board of directors amended today, June 20, its recommendation to reduce the stock's par value to SAR 0.10 instead of SAR 1, while keeping the company’s capital unchanged.

Therefore, the number of shares will be 2 billion instead of 20 million, the company said in a statement to Tadawul.

The stock split decision is subject to the approval of related regulatory authorities and the company's extraordinary general meeting (EGM).

Last May, Naqi Water’s board of directors recommended reducing the stock's par value from SAR 10 to SAR 1, while keeping the company’s capital unchanged.