Al-Jouf Agricultural shareholders reject 10:1 stock split

Logo of Al-Jouf Agricultural Development Co.

Shareholders of Al-Jouf Agricultural Development Co. rejected the board’s proposal of reducing the stock’s nominal value from SAR 10 to SAR 1 per share during the extraordinary general meeting (EGM) held on Dec. 19. 

In a statement to Tadawul, the company pointed out that shareholders did not approve amendments to Article 7 of the bylaws related to the company’s capital. They also denied approval for amending Article 8 on subscription to shares.

Meanwhile, the remaining agenda items were approved, including amending the company’s bylaws in accordance with the new Companies Law and rearranging and articulating the bylaws’ articles and clauses to be compatible with the proposed amendments.

In September, the company’s board recommended reducing the stock’s nominal value from SAR 10 to SAR 1 per share, Argaam earlier reported.