Dar Almarkabah shareholders to vote on stock split on Feb. 12

Logo of Dar Almarkabah for Renting Cars Co.

Dar Almarkabah for Renting Cars Co.’s shareholders will vote on reducing the stock nominal value from SAR 10 to SAR 0.5 in an extraordinary general meeting (EGM) on Feb. 12, according to a statement to Tadawul.

If approved, the stock split decision will apply to shareholders of record on the EGM day and those registered with the Securities Depository Center Co. (Edaa) by the end of the second trading day following the general meeting date.

The decision would take effect on the stock price starting from the next business day following the general meeting. The adjustment to the number of shares in shareholders’ portfolios would apply on the second trading day after the EGM.

Shareholders will also vote on the transfer of the entire SAR 1.05 million balance of the company's statutory reserve, as per the 2023 financial statement, to the retained earnings account and calculating it within the 2024 results.