Logo of Dar Almarkabah for Renting Cars Co.
Dar Almarkabah for Renting Cars Co.’s shareholders approved reducing the stock nominal value from SAR 10 to SAR 0.5 in an extraordinary general meeting (EGM) held on Feb. 12, according to a statement to Tadawul.
Accordingly, the number of shares will increase from 2.5 million to 50 million shares, while the company’s capital remains unchanged at SAR 25 million.
|
Stock Split Details |
|
|
Current Capital |
SAR 25 mln |
|
Number of Shares |
2.5 mln |
|
Current Par Value |
SAR 10/share |
|
New Capital |
SAR 25 mln |
|
New Number of Shares |
50 mln |
|
New Par Value |
SAR 0.5 |
The stock split will apply to all shareholders who own shares on the day of the EGM and those registered with the Securities Depository Center (Edaa) by the end of the second trading day following the meeting, the Saudi-listed firm explained.
The stock split will take effect on the share price starting the business day after the EGM, with the number of shares in shareholder portfolios adjusted accordingly on the second trading day following the EGM.
Additionally, Dar Almarkabah noted that shareholders approved to transfer of the entire balance of the company's statutory reserve amounting to SAR 1.05 million as of Dec. 31, 2023, to the retained earnings account and counting it within FY 2024.
In a separate statement, Tadawul said the stock’s fluctuation limits will be based on a share price of SAR 4 today, Feb. 13. Accordingly, the outstanding orders will be canceled.
Edaa will deposit the split shares into shareholder portfolios before the start of trading on Feb. 17, the statement added.
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}