Rawasi Albina shareholders approve reducing nominal value to SAR 1/share

13/06/2023 Argaam
Logo ofRawasi Albina Investment Co.

Logo of Rawasi Albina Investment Co.


Shareholders of Rawasi Albina Investment Co. approved the board’s recommendation on reducing the stock’s nominal value to SAR 1 from SAR 10, during the extraordinary general meeting (EGM) held on June 12, the company said in a filing to Tadawul.

 

Stock Split Details

Current Capital

SAR 55 mln

Current Number of Shares

5.5 mln

Nominal Value

SAR 10/share

Capital After Stock Split

SAR 55 mln

New Number of Shares

55 mln

Nominal Value after Stock Split

SAR 1/share

 

The split decision will apply to all shareholders on the EGM date and those registered with the Securities Depository Center Co. (Edaa) by the close of the second trading day after the EGM.

 

The stock price will be adjusted accordingly, starting from the day following the EGM date. The decision will also apply to the number of shares in shareholder portfolios on the second trading day following the EGM, which approved the stock split.

 

In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limit was based on a share price of SAR 5.90 today, June 13. Outstanding orders were canceled.

 

Edaa will deposit the stock-split shares in investor portfolios before the start of trade on June 15.

 

Shareholders also authorized the board to pay interim dividends on a quarterly or semi-annual basis for 2023.

 

They also elected board members for the next three-year term starting from Sept. 13, 2023.

 

These members are Faisal Al-Baqami, Salman Al-Judaie, Marzouq Al-Otaibi, Abdul Aziz Al-Faqih and Mohsen Al-Otaibi.

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