Logo of Arabian Pipes Co. (APC)
Arabian Pipes Co.’s (APC) shareholders approved the board recommendation to reduce the stock’s nominal value from SAR 10 to SAR 1, during the extraordinary general meeting (EGM) held on Jan. 8, according to a statement to Tadawul.
|
Stock Split Details |
|
|
Current Capital |
SAR 150 mln |
|
Number of Shares |
15 mln |
|
Nominal Value |
SAR 10 |
|
New Capital |
SAR 150 mln |
|
Number of Shares |
150 mln |
|
Nominal Value |
SAR 1 |
There will be no change in the company's capital before or after the stock split.
The decision will be applicable to all shareholders who own shares on the EGM date and are registered with the Securities Depository Center (Edaa) by the end of the second trading day following the date of general meeting in which the stock split was approved.
The decision will take effect starting from the next business day after the general meeting. The number of shares will be adjusted in shareholders' portfolios on the second trading day following the general meeting in which the stock split was approved.
The Saudi Exchange announced that the fluctuation limits for APC will be based on a share price of SAR 12.20 today, Jan. 9, and the outstanding orders will be cancelled.
Edaa will deposit the shares before the start of trade on Jan. 13.
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