Logo of Watani Iron and Steel Co.
Watani Iron Steel Co.’s shareholders approved the reduction of the stock par value from SAR 10 to SAR 1 a share, during the extraordinary general meeting (EGM) held on Oct. 8, according to a statement to Tadawul.
|
Stock Split Details |
|
|
Current Capital |
SAR 181.65 mln |
|
No. of Shares |
18.17 mln |
|
Stock Nominal Value |
SAR 10 a share |
|
New Capital |
SAR 181.65 mln |
|
No. of Shares |
1.81 bln |
|
Stock Nominal Value |
SAR 1 a share |
The stock split 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 procedure 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, the statement added.
In a separate statement, the Saudi Exchange (Tadawul) said that the fluctuation limits today, Oct. 9, for Watani Steel will be based on a share price of SAR 2.84 and the outstanding orders will be canceled.
Furthermore, the Securities Depository Center (Edaa) will deposit the split shares into the investor’s portfolios by Oct. 11.
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