Logo of Batic Investments and Logistics Co.
Shareholders of Batic Investments and Logistics Co. approved the board’s recommendation to reduce the stock’s par value from SAR 10 to SAR 1 during the extraordinary general meeting (EGM) held on June 21, the company said in a statement to Tadawul.
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Stock Split Details |
|
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Current Capital |
SAR 600 mln |
|
Number of Shares |
60 mln |
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Nominal Value |
SAR 10/share |
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Post-Split Capital |
SAR 600 mln |
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Post-Split Number of Shares |
600 mln |
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Post-Split Nominal Value |
SAR 1/share |
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Effective Date |
Shareholders of record on the day of the EGM and those registered with Edaa at the end of the second trading day following the date of the EGM |
The stock price will be adjusted accordingly starting from the working day following the EGM. The stock split will apply to the number of shares in shareholders' portfolios by the end of the second trading day following the EGM.
Moreover, shareholders approved transferring the statutory reserve amounting to SAR 48.99 million, as of Dec. 31, 2022, to accumulated profits/losses balance.
In a separate statement, Tadawul said the stock’s fluctuation limits will be based on a share price of SAR 2.34 today, June 22. Accordingly, the outstanding orders will be canceled.
The Securities Depository Center (Edaa) will deposit the post-stock split shares into shareholders' portfolios by July 3, the statement added.
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