MOBI board proposes 10-for-1 stock split

30/04/2023 Argaam
Logo ofMOBI Industry Co.

Logo of MOBI Industry Co.


MOBI Industry Co.’s board of directors recommended during its meeting, on April 27, splitting the stock's par value from SAR 10 to SAR 1.

 

In a statement to Tadawul, the company pointed out that the number of shares, following to the proposed stock split, will become 50 million from 5 million.

 

Stock Split Details

Current Capital

SAR 50 mln

Number of Shares

5 mln

Share Par Value

SAR 10

New Capital

SAR 50 mln

New Number of Shares

50 mln

Par Value After Stock Split

SAR 1

 

The company’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 meeting date to the retained earnings account. 

 

The above recommendations are subject to the approval of competent authorities and MOBI Industry's shareholders, the statement concluded. 

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