Rawasi Albina shareholders approve reducing nominal value to SAR 1/share

Logo of Rawasi Albina Investment Co.

Shareholders of Rawasi Albina Investment Co. approved the board’s recommendation on reducing the stock’s nominal value to SAR 1 from SAR 10, during the extraordinary general meeting (EGM) held on June 12, the company said in a filing to Tadawul.

The split decision will apply to all shareholders on the EGM date and those registered with the Securities Depository Center Co. (Edaa) by the close of the second trading day after the EGM.

The stock price will be adjusted accordingly, starting from the day following the EGM date. The decision will also apply to the number of shares in shareholder portfolios on the second trading day following the EGM, which approved the stock split.

In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limit was based on a share price of SAR 5.90 today, June 13. Outstanding orders were canceled.

Edaa will deposit the stock-split shares in investor portfolios before the start of trade on June 15.

Shareholders also authorized the board to pay interim dividends on a quarterly or semi-annual basis for 2023.

They also elected board members for the next three-year term starting from Sept. 13, 2023.

These members are Faisal Al-Baqami, Salman Al-Judaie, Marzouq Al-Otaibi, Abdul Aziz Al-Faqih and Mohsen Al-Otaibi.