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Tadawul trading screen
Since the Capital Market Authority (CMA) began implementing the Companies Law and its Executive Regulations as of January 19, 2023 until the end of 2023, as many as 42 Tadawul-listed companies, both on TASI and Nomu-Parallel Market, have benefited from the mechanism of stock par value reduction, as they decided to split their par value from SAR 10 to various lower values, representing 14% of the total number of Tadawul-listed companies. Meanwhile, seven listed companies backtracked on splitting their stock par value, for various reasons, including the futility of the split decision for them at the present time.
The Companies Law has allowed more flexibility for companies to increase or decrease the par value of their shares, after canceling the minimum stock par value and specifying it in the company’s articles of association. The decision to split stock par value is now made based on a recommendation from the board of directors, and then the decision becomes effective after it is approved by the general assembly.
The Nomu-Parallel Market has witnessed the biggest momentum for stock split operations in the year 2023, with 24 companies implementing the stock split mechanism in Nomu, representing 57% of the total number of companies that carried out stock split operations in TASI and Nomu, and also representing 36% of the 67 Nomu-listed companies. Meanwhile, in the main market, a total of 18 companies have benefited from the stock split mechanism, representing 8% of the 230 companies listed on the main market.
Liquidity levels rose significantly in 2023 after the par value reduction of highly-priced companies, which is in line with the primary goal of the decision, as this mechanism is resorted to when the share price is high in order to boost the stock liquidity, so that it is accessible to a larger category of investors. As for the post-split liquidity levels for companies with stock prices below SAR 50 per share, we find that liquidity declined significantly after the split process is carried out.
Following the implementation of the stock split mechanism in the Saudi market, there were some demands for making some amendments, most notably unifying the par value of listed companies, for several reasons, including the ease of dealing with companies without the need to search for their par value. However, when monitoring global practices for the split mechanism, it becomes clear that there is no specific number of split times for a stock, as companies can split their shares as many times as they wish.
Improving liquidity emerges as one of the main goals that motivate companies to use the stock split mechanism by increasing the number of shares available for trading, with the aim of providing the opportunity to the largest number of investors, and facilitating the entry of small traders into companies with high stock prices and expanding their investor base.
Moreover, the stock split process creates opportunities for companies that desires to grow, and increases the possibility of a higher stock market value to increase demand, according to market analysts.
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