MOBI shareholders to vote on 10-for-1 stock split on June 22

MOBI Industry Co.’s shareholders will vote on the board's recommendation on splitting the stock's par value from SAR 10 to SAR 1, during an extraordinary general assembly meeting, to be held on June 22, the company said in a statement to Tadawul.

The number of shares, following to the proposed stock split, will become 50 million from 5 million, while the company's capital will remain unchanged.

If approved, the stock split decision will be effective for all shareholders owning shares on EGM date and registered with Edaa at the end of the second trading day following the EGM date.

The decision will be effective to the share price starting from the working day following the meeting, provided that the number of shares reflects in shareholders’ portfolios at the end of the second trading day following the EGM date.

Shareholders will also vote on transferring the balance of the statutory reserve, amounting to SAR 12.965 million, attached to the annual financial statements ending Dec. 31, 2022 to the balance of retained earnings.

They will also vote on authorizing the board of directors to distribute interim dividend on a semi-annual or quarterly basis for the fiscal year 2023.