GACO shareholders to vote on reducing stock’s par value to SAR 0.5 on Sep. 14

Logo of Al-Gassim Investment Holding Co. (GACO)

Al Gassim Investment Holding Co.'s (GACO) shareholders are set to vote on a board recommendation to reduce the stock's nominal value from SAR 10 to SAR 0.5 during the extraordinary general meeting (EGM) that will be held on Sep. 14. 

Accordingly, the number of the company's shares will increase from 30 million to 600 million, while its capital will remain unchanged after the share split. 

The company is committed to completing the necessary related process, according to a statement to Tadawul.

The decision will be reflected in the stock price starting from the business day following the EGM, and it will be applied to shareholders’ portfolios on the second trading day following the EGM date. 

In addition, shareholders will vote on transferring the statutory reserve of SAR 1.17 million as of Dec. 31, 2022, to the retained earnings account, the statement added.