Alsaif Gallery shareholders to discuss 10:1 stock split on June 22

01/06/2023 Argaam

Alsaif Gallery shareholders to discuss stock split proposal on June 22

Logo of AlSaif Stores for Development and Investment Co. (Alsaif Gallery) 

AlSaif Stores for Development and Investment Co.’s (Alsaif Gallery) shareholders will discuss the board’s stock split recommendation, which will see the par value reduced to SAR 1/share, during the extraordinary general meeting (EGM) scheduled for June 22, according to a statement to Tadawul.  

 

Stock Split Details

Current Capital

SAR 350 mln

No. of Shares

35 mln

Stock Current Nominal Value

SAR 10 a share

New Capital

SAR 350 mln

No. of Shares

350 mln

Stock’s Nominal Value Post Split

SAR 1 a share
 

In case the proposal is approved, the stock split will be applicable on shareholders of record and those registered with Edaa on the second trading day following the EGM date. 

 

The stock split will be applied to the share price as of the business day following the EGM, while the number of shares will be adjusted accordingly in shareholder portfolios on the second trading day following the EGM date. 

 

Shareholders will also vote on authorizing the board to pay interim dividends for 2023 on a semi-annual or quarterly basis. This is in addition to determining the record as well as the payment dates, in line with the regulations and the Companies Law, and aligning with the company’s financial position, cash flows, and expansion as well as investment plans.  

 

Additionally, shareholders will discuss transferring SAR 25.58 million from the statutory reserve as of financial statements for the period ended Dec. 31, 2022, to the retained earnings, the statement added.

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