Logo of Electrical Industries Co.
Shareholders of Electrical Industries Co. will discuss the board of directors’ recommendation to reduce the stock par value from SAR 10 to SAR 0.50, during the extraordinary general meeting (EGM) that will be held on Sept. 28.
The company's capital will remain unchanged before or after the stock split, according to a Tadawul statement.
|
Stock Split Details |
|
|
Current Capital |
SAR 562.5 mln |
|
Current Number of Shares |
56.25 mln |
|
Stock Par Value |
SAR 10 |
|
New Capital |
SAR 562.5 mln |
|
New Number of Shares |
1.12 bln |
|
Par Value After Stock Split |
SAR 0.50 |
In a statement to Tadawul, the company said the decision will be applicable on all shareholders on the EGM date, 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. The number of shares will be adjusted accordingly in shareholder portfolios on the second trading day following the EGM date.
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