Al Othaim shareholders OK par value reduction to SAR 1/share

Logo of Abdullah Al Othaim Markets Co.

Abdullah Al Othaim Markets Co.’s shareholders approved reducing the stock’s par value from SAR 10 to SAR 1, during the extraordinary general meeting (EGM) held on June 5, according to a statement to Tadawul.

The stock split will be applicable to shareholders of record who are registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM.  

The stock split will be applied to the share price as of the business day following the EGM, while the number of shares will be adjusted accordingly in shareholder portfolios on the second trading day following the EGM date.  

Shareholders also authorized the board to pay interim dividends for 2023 on a semi-annual or quarterly basis. The record and payment dates were also determined, in line with the executive regulations of the Companies Law. 

Moreover, they approved the transfer of the up-to-EGM-date statutory reserve balance to the SAR 247.79 million balance of retained earnings dated December 31, 2022. 

The fluctuation rate will be calculated based on a share price of SAR 13.68 for today, June 6, and any outstanding orders shall be cancelled, the statement added. 

Edaa will add the respective split shares to shareholder portfolios prior to start of trading on June 8.