Sadirat EGM to vote on 10-for-1 stock split on Sept. 15

Saudi Industrial Export Co.’s (Sadirat) shareholders are set to vote on a board of directors’ recommendation to reduce the stock nominal value from SAR 10 to SAR 1 per share, in an extraordinary general meeting (EGM) slated for Sept. 15, according to a statement to Tadawul.

Shareholders of record registered with the Securities Depository Center Co. (Edaa) by the close of trading on the second day following the EGM date will be entitled to the stock split.

The shareholders will also vote on transferring SAR 642.65 million from statutory reserve to offset accumulated losses of SAR 51.10 million, representing 26.29% of the company’s capital as of Dec. 31, 2023.

Earlier, Sadirat had postponed its first and second EGMs slated Aug. 12 due to lack of quorum, Argaam reported.