Abo Moati shareholders reject 10-for-1 stock split

28/12/2023 Argaam
Logo ofAbdullah Saad Mohammed Abo Moati for Bookstores Co.

Logo of Abdullah Saad Mohammed Abo Moati for Bookstores Co.

Shareholders of Abdullah Saad Mohammed Abo Moati for Bookstores Co. rejected reducing the stock's par value from SAR 10 to SAR 1 without changing the company’s capital during the extraordinary general meeting (EGM) held on Dec. 27.  

 

Stock Split Details

Current Capital

SAR 200 mln

Number of Shares

20 mln

Share Nominal Value

SAR 10

New Capital

SAR 200 mln

New Number of Shares

200 mln 

Nominal Value After Stock Split

SAR 1
 

In a statement to Tadawul, Abo Moati said that shareholders also rejected amending Articles 7 and 8 of bylaws with regard to the company’s capital and subscription to shares.

 

They greenlit transferring SAR 7.03 million statutory reserve as of March 31, 2023, to retained earnings.

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