Logo of AlSaif Stores for Development and Investment Co. (Alsaif Gallery)
AlSaif Stores for Development and Investment Co.’s (Alsaif Gallery) shareholders will discuss the board’s stock split recommendation, which will see the par value reduced to SAR 1/share, during the extraordinary general meeting (EGM) scheduled for June 22, according to a statement to Tadawul.
|
Stock Split Details |
|
|
Current Capital |
SAR 350 mln |
|
No. of Shares |
35 mln |
|
Stock Current Nominal Value |
SAR 10 a share |
|
New Capital |
SAR 350 mln |
|
No. of Shares |
350 mln |
|
Stock’s Nominal Value Post Split |
SAR 1 a share |
In case the proposal is approved, the stock split will be applicable on shareholders of record and those registered with Edaa on the second trading day following the EGM date.
Shareholders will also vote on authorizing the board to pay interim dividends for 2023 on a semi-annual or quarterly basis. This is in addition to determining the record as well as the payment dates, in line with the regulations and the Companies Law, and aligning with the company’s financial position, cash flows, and expansion as well as investment plans.
Additionally, shareholders will discuss transferring SAR 25.58 million from the statutory reserve as of financial statements for the period ended Dec. 31, 2022, to the retained earnings, the statement added.
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