Logo of Batic Investments and Logistics Co.
Batic Investments and Logistics Co.’s board of directors recommended during its meeting, on April 30, amending the company’s articles of association, in line with the new Companies Law and the Capital Market Authority’s amended Corporate Governance Regulations.
In a statement to Tadawul, the company pointed out that the recommendation included splitting the stock's par value from SAR 10 to SAR 1, to increase the number of shares to 600 million from 60 million.
|
Stock Split Details |
|
|
Current Capital |
SAR 600 mln |
|
Number of Shares |
60 mln |
|
Par Value |
SAR 10/share |
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New Capital |
SAR 600 mln |
|
New Number of Shares |
600 mln |
|
Par Value After Stock Split |
SAR 1/share |
The board also recommended canceling the company's tenure, which was set at 50 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 accumulated profit/loss account.
The above recommendations are subject to the approval of competent authorities, the statement concluded.
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