Maharah shareholders OK reducing nominal value to SAR 1/shr

Logo of Maharah Human Resources Co.

Shareholders of Maharah Human Resources Co. approved, during the extraordinary general meeting (EGM) on Feb. 1, the board’s proposal for reducing the stock's nominal value from SAR 10 to SAR 1 per share, the company said in a Tadawul statement.

In a statement to Tadawul, Maharah said the stock split will apply to the share price as of the business day following the EGM. The number of shares will be adjusted in shareholder portfolios on the second trading day following the EGM date.

In a separate statement, the Saudi Exchange (Tadawul) indicated that fluctuation limits were based today, Feb. 4, on the stock price of SAR 6.95 a share. Outstanding orders will be canceled.

The Securities Depository Center (Edaa) will add the stock-split securities to shareholder accounts before the start of trading on Feb. 6.