Aqaseem shareholders approve 10:1 stock split

Logo of Aqaseem Factory for Chemicals and Plastics Co.

Shareholders of Aqaseem Factory for Chemicals and Plastics Co. approved reducing the stock's nominal value from SAR 10 to SAR 1 during the extraordinary general meeting (EGM) held on Dec. 15.

Accordingly, the share capital will increase to 25 million from the current 2.5 million, the company said in a statement to Tadawul today, Dec. 16.

There is no change in the company’s capital before and after the stock split process, the statement added.

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 trading 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. This is provided that the number of shares will be reflected in shareholders' portfolios at the end of the second trading day following the EGM date.

In a separate statement, Tadawul said the stock’s fluctuation limits will be based on a share price of SAR 7.5 today. Accordingly, the outstanding orders will be canceled.

Edaa will deposit the split shares into the shareholders’ portfolio before the start of trading on Dec. 18, the statement added.