Electrical Industries approves par value reduction to SAR 0.5

01/10/2023 Argaam
Logo ofElectrical Industries Co.

Logo of Electrical Industries Co.

Shareholders of Electrical Industries Co. approved the board’s recommendation to reduce the stock par value from SAR 10 to SAR 0.5, during the extraordinary general meeting (EGM) held on Sept. 28.

 

Stock Split Details

Current Capital

SAR 562.5 mln

Current No. of Shares

56.25 mln

Stock Nominal Value

SAR 10 a share

New Capital

SAR 562.5 mln

No. of Shares

1.12 bln

Stock Nominal Value

SAR 0.50 a share
 

The stock split will apply to the share price as of the business day following the EGM, and the number of shares will be adjusted in shareholder portfolios on the second trading day following the EGM date.

 

The stock split will apply to shareholders of record and those registered with Edaa on the second trading day following the EGM date.

 

The Saudi Exchange (Tadawul) indicated that the fluctuation rate for the company's stock was calculated at today’s, Oct. 1, price at SAR 2.05, and all outstanding orders have been cancelled.

 

Edaa will add the stock split securities in shareholder accounts before start of trading on Oct. 3.

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