Arab Sea shareholders approve 10:1 stock split

Logo of Arab Sea Information Systems Co.

Arab Sea Information Systems Co.’s shareholders greenlit the reduction of the stock nominal value from SAR 10 to SAR 1 during an extraordinary general meeting (EGM) held on Sept. 13, according to a statement to Tadawul.

Accordingly, the number of shares will increase from 10 million to 100 million.

The company said the decision, if approved, will be applicable to all shareholders on the EGM date, and those registered with Edaa at the end of the second trading day following the EGM, during which the stock split is approved.

The stock split will apply to the share price as of the business day following the EGM, and the number of shares will be adjusted in shareholder portfolios on the second trading day following the EGM date.

Arab Sea added that the shareholders approved electing board members for the next three-year term starting from Sept. 17, 2023.

The elected members are Mohammed Saleh Al-Suhaibani, Haitham Al-Suhaibani, Turki Al Dahmash, Abdullah Al Hawas, Ahmed Al-Jasser, Ahmed Khogeer, and Abdul Aziz Al-Khalifa.

The fluctuation limits for today, Sept. 14, will be based on a share price of SAR 7.01, and the outstanding orders will be canceled, Tadawul said in a separate statement.

In addition, Edaa will forward split shares into shareholders accounts prior to the start of trading on Sept. 18.