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Banan shareholders approve 10-for-1 stock split
AI Summary
Logo of Banan Real Estate Co.
Banan Real Estate Co.’s shareholders approved the board recommendation to reduce the stock’s nominal value from SAR 10 to SAR 1, during the extraordinary general meeting (EGM) held on June 14.
The capital will remain unchanged after the stock split process, the company said in a statement on the Saudi Exchange (Tadawul).
|
Stock Split Details |
|
|
Current Capital |
SAR 200 mln |
|
Number of Shares |
20 mln |
|
Current Par Value |
SAR 10 per share |
|
Post-Stock Split Capital |
SAR 200 mln |
|
New Number of Shares |
200 mln |
|
Post-Stock Split Par Value |
SAR 1 per share |
|
Record Date |
June 14, 2023 including shareholders registered with the Securities Depository Center Company (Edaa) by the end of the second trading day following this date |
|
Effective Date |
The decision shall apply to the stock price starting from the working day following the EGM. This is provided that the number of shares in shareholders' portfolios will take effect by the end of the second trading day following the EGM |
Meanwhile, shareholders authorized the board of directors to distribute interim dividends for 2023 and a semiannual or quarterly basis.
In a separate statement, Tadawul announced that the fluctuation rate will be calculated based on a share price of SAR 6.60 for today, June 15, and any outstanding orders shall be cancelled.
Edaa will add the respective split shares to shareholders’ portfolios prior to start of trading on June 19, the statement noted.
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