Logo of Jazan Energy and Development Co. (JAZADCO)
Jazan Energy and Development Co.’s (JAZADCO) board of directors recommended during its meeting, held on July 20, splitting the stock's par value from SAR 10 to SAR 1. The board’s recommendation included changing the company’s name.
The number of shares, following to the proposed stock split, will increase to 500 million from 50 million, the company said in a statement to Tadawul.
|
Stock Split Details |
|
|
Current Capital |
SAR 500 mln |
|
Number of Shares |
50 mln |
|
Par Value |
SAR 10 |
|
New Capital |
SAR 500 mln |
|
New Number of Shares |
500 mln |
|
Par Value After Stock Split |
SAR 1 |
In addition, the board recommended changing the company’s name from Jazan Energy and Development Co. to Jazan Development and Investment Co. It also proposed adding new activities, canceling the statutory reserve clause in the articles of association, and transferring the entire balance of the statutory reserve on the date of general assembly to the accumulated profit (losses) account.
The proposal included amending the company’s articles of association to comply with the new Companies Law, the amended corporate governance regulations issued by the Capital Market Authority (CMA) and the relevant implementing regulations, the statement said.
The recommendation is subject to obtaining the necessary approvals from the competent authorities in this regard, the statement added. Any developments will be announced in due course.
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