Logo of Dar Almarkabah for Renting Cars Co.
Dar Almarkabah for Renting Cars Co.’s board of directors recommended, in its meeting on Dec. 19, to reduce the stock’s nominal value from SAR 10 to SAR 0.5 a share, according to a statement to Tadawul.
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This will bring the share capital to 50 million from 2.5 million, while capital will remain SAR 25 million.
The company is committed to finalize the relevant measures and any relevant updates will be duly revealed.
|
Stock Split Details |
|
|
Current Capital |
SAR 25 mln |
|
Number of Shares |
2.5 mln |
|
Nominal Value |
SAR 10 a share |
|
New Capital |
SAR 25 mln |
|
Number of Shares |
50 mln |
|
Nominal Value |
SAR 0.5 a share |
In a separate statement to Tadawul, the company’s board of directors proposed transferring the statutory reserve of SAR 1.05 million, as per financial statements for year ending Dec. 31, 2023, to the retained earnings balance, the statement added.
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