Al-Baha EGM approves reverse split, renaming to Saudi Darb

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co.’s shareholders approved a board recommendation to implement a reverse stock split, increasing the share value from SAR 0.1 to SAR 1.

The decision was made during the company's extraordinary general meeting (EGM) on April 8.

Al-Baha confirmed that there will be no change to its capital before or after the reverse stock split process.

The change will apply to all shareholders on record as of the EGM date, as well as those registered with the Saudi Securities Depository Center (Edaa) by the close of trading on the second business day following the meeting.

The reverse split will take effect on the share price starting from the next business day after the EGM. Adjustments to the number of shares in shareholders' portfolios will be made on the second trading day after the EGM.

The Saudi Exchange (Tadawul) said that the fluctuation limit for Al-Baha stock will be calculated based on a price of SAR 3.50 today, April 9, and that existing orders will be canceled.

Additionally, Edaa will update shareholders' portfolios with the reverse split shares before the start of trading on April 10.

In a separate resolution, shareholders approved renaming the company to Saudi Darb Investment Co. (Saudi Darb) following the completion of all required procedures with the Ministry of Commerce and other relevant authorities.