Exports General Assembly approves splitting the nominal value of the share to one riyal

The Extraordinary General Assembly of the Saudi Industrial Export Company "Sadarat" approved the splitting of the nominal value of the share from 10 riyals to one riyal.

The decision was made during the company's Extraordinary General Assembly, which was held yesterday evening, Wednesday, via modern technology using the Tadawulati system, as the legal quorum for the third meeting is the attendance of any number of the company's shares, and the attendance rate reached 12.63%.

According to the company's statement on "Tadawul", the number of shares will increase to 194.4 million shares instead of 19.4 million shares, provided that there is no change in the capital.

The assembly also approved the transfer of the balance of the statutory reserve amounting to 642 thousand riyals to extinguish part of the company's accumulated losses amounting to 51.09 million riyals, which represents 26.29% of the capital, as in the financial statements for the year ending December 31, 2023. The assembly refused to approve the amendment of the dividend distribution policy.

For its part, the Saudi Stock Exchange announced today, Thursday, that the fluctuation rate for the Saudi Industrial Export Company's share will be calculated based on a price of 2.53 riyals, and existing orders will be cancelled. The Securities Depository Center Company (Edaa) will also add the division shares to shareholders' portfolios before the start of trading on Monday, September 9.