Arabian Pipes board recommends 10:1 stock split

Arabian Pipes Co.’s board of directors recommended during an extraordinary general meeting splitting the stock nominal value from SAR 10 to SAR 1, according to a statement to Tadawul. 

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Upon the stock split, the company’s number of shares will become 150 million from 15 million shares at present.

The company is committed to completing the necessary related processes, noting that any updates will be announced in due course. 

According to data available with Argaam, the Capital Market Authority (CMA) approved, as of Jan. 19, 2023, implementing regulations of the New Companies Law for listed joint stock companies.

This new system provides flexibility for companies to increase or decrease the nominal value of their shares, following the removal of the minimum nominal value requirement. The decision regarding the stock split will be based on the board's recommendation, subject to the final approval of the company's shareholders.