Logo of Al Gassim Investment Holding Co. (GACO)
Al Gassim Investment Holding Co.'s (GACO) shareholders nixed a proposal to reduce the stock's par value from SAR 10 to SAR 0.5 during an extraordinary general meeting (EGM) held on Oct. 19.
The company’s board of directors earlier recommended reducing the stock's par value from SAR 10 to SAR 0.5 while maintaining the capital, raising the number of shares from 30 million to 600 million.
|
Stock Split Details |
|
|
Current Capital |
SAR 300 mln |
|
Number of Shares |
30 mln |
|
Share Par Value |
SAR 10 |
|
New Capital |
SAR 300 mln |
|
New Number of Shares |
600 mln |
|
Par Value After Stock Split |
SAR 0.5 |
Shareholders also rejected a proposal to pay SAR 758,830 in bonuses to members of the board of directors and committees for the fiscal year 2022, GACO said in a statement to Tadawul.
In addition, they voted against amending some articles of the company’s bylaws, including article 6 related to the company's term and article 7 related to the company's capital.
Shareholders also voted against amending the company's articles of association to comply with the new Companies' Law, as well as arranging and numbering the articles to comply with the proposed changes.
Meanwhile, shareholders approved transferring the balance of the statutory reserve, amounting to SAR 1.17 million as in financial statements for the year ended Dec. 31, 2022, to retained earnings.
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