BinDawood Holding shareholders approve 10-for-1 stock split

Logo of BinDawood Holding Co.

BinDawood Holding Co.’s shareholders approved the board of directors’ recommendation to reduce the stock's par value from SAR 10 to SAR 1, during extraordinary general meeting (EGM) held on June 22.

In a statement to Tadawul, BinDawood Holding said the division decision will be effective for all shareholders on the day of EGM, and those registered with Securities Depository Center (Edaa) at the end of the second trading day following the EGM, during which the stock split is approved.

The stock split 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.

Meanwhile, shareholders authorized the board of directors to distribute interim dividends for 2023 and a semiannual or quarterly basis.

They also approved the transfer of the balance of the statutory reserve, amounting SAR 123.18 million, as of the annual financial statement ended Dec. 31, 2022, to retained earnings.

In a separate statement, Tadawul announced that the stock’s fluctuation limits will be based on a share price of SAR 7.43 for today, July 2. Accordingly, the outstanding orders will be canceled.

Edaa will deposit the split shares into the investor’s portfolios by July 4, the statement added.