Logo of Abdullah Al Othaim Markets Co.
The board of Abdullah Al Othaim Markets Co. recommended, on April 19, a 10-for-1 stock split, the company said in a statement to Tadawul.
|
Stock Split Details |
|
|
Current Capital |
SAR 900 mln |
|
No. of Shares |
90 mln |
|
Current Nominal Value |
SAR 10 per share |
|
No. of Shares Post Stock-Split |
900 mln |
|
New Nominal Value |
SAR 1 per share |
The move comes in line with the New Companies Law and the amended corporate governance regulations issued by the Capital Market Authority (CMA).
Al Othaim’s board also recommended cancelling the company’s term, which was set at 99 years, and the statutory reserve item in the articles of association.
A proposal was submitted to the upcoming general assembly to transfer the entire balance of the statutory reserve on the date of meeting to the retained earnings account.
The above recommendations are subject to the approval of competent authorities and the company’s shareholders, Al Othaim concluded.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}