Saudi Azm shareholders OK reducing nominal value to SAR 0.5/share

Logo of Saudi Azm for Communication and Information Technology Co.

Shareholders of Saudi Azm for Communication and Information Technology Co. approved the board’s proposal for reducing the stock’s nominal value to SAR 0.50 from SAR 10, during the extraordinary general meeting (EGM) held on June 18, the company said in a filing to Tadawul.

The company’s capital will see no change after the stock split, Azm said in a filing to Tadawul.

Stock Split Details
Current Capital	SAR 30 mln
Number of Shares	3 mln
Nominal Value	SAR 10/share
New Capital	SAR 30 mln
New Number of Shares	60 mln
Nominal Value after Stock Split	SAR 0.50/share
Effective Date	June 18, 2023 (Shareholders registered with Edaa by the close of the second trading day after the EGM.)
Application Date	The number of shares in shareholder portfolios will be adjusted accordingly on the second trading day following the EGM.

In a separate statement, the Saudi Exchange (Tadawul) said the fluctuation limit was based on a share price of SAR 12.44 today, June 19. Outstanding orders were canceled.

The Securities Depository Center Co. (Edaa) will deposit the stock-split shares in investor portfolios before the start of trade on June 21.

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