Riyadh Steel shareholders to vote on 10:1 stock split on Sept. 24

Logo of Riyadh Steel Co.

Shareholders of Riyadh Steel Co. will discuss reducing the stock's nominal value from SAR 10 to SAR 1 per share, during the extraordinary general meeting (EGM) scheduled for Sept. 24.

The total number of shares will increase to 70 million from 7 million, the company said in a statement to Tadawul, affirming that there will be no change in its capital before and after the stock split.

If agreed, the stock split resolution will be effective for all shareholders of record registered with the Securities Depository Center Co. (Edaa) by the close of trading on the second day following the EGM date.

The stock split impact will apply to the company’s stock price starting from the day following the EGM date. provided that the number of shares will be reflected in shareholders' portfolios at the end of the second trading day following the EGM date.