JAZADCO board proposes 10-for-1 stock split, name change

In addition, the board recommended changing the company’s name from Jazan Energy and Development Co. to Jazan Development and Investment Co. It also proposed adding new activities, canceling the statutory reserve clause in the articles of association, and transferring the entire balance of the statutory reserve on the date of general assembly to the accumulated profit (losses) account. 

The proposal included amending the company’s articles of association to comply with the new Companies Law, the amended corporate governance regulations issued by the Capital Market Authority (CMA) and the relevant implementing regulations, the statement said.

The recommendation is subject to obtaining the necessary approvals from the competent authorities in this regard, the statement added. Any developments will be announced in due course.