Naqi Water shareholders reject 10-for-0.1 stock split

19/10/2023 Argaam
Logo of Naqi Water Co.

Logo of Naqi Water Co.

Naqi Water Co. shareholders rejected reducing the stock's par value from SAR 10 to SAR 0.1 without changing the company’s capital during the extraordinary general meeting (EGM) dated Oct. 18, according to a Tadawul statement.

 

Stock Split Details

Current Capital

SAR 200 mln

Number of Shares

20 mln

Share Par Value

SAR 10

New Capital

SAR 200 mln

New Number of Shares

2 bln

Par Value After Stock Split

SAR 0.1

 

Furthermore, shareholders voted against amending Article (7) of the company’s Articles of Association pertaining to the company capital and Article (8) pertaining to share subscription.

 

Shareholders also approved amending Article (3) on the company’s purposes, the statement added.

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