Watani Iron Steel approves division of share nominal value into 1 Saudi riyal

Watani Iron and Steel Company announced on Monday the approval of the Extraordinary Ordinary General Assembly meeting (the first meeting) of the work regulations of the Nominations and Remuneration Committee.

The Company added on Tadawul that the Assembly approves also to divide the company’s shares according to the following:

– Nominal value of the share before adjustment: 10 Saudi riyals.

– Nominal value of the share after adjustment: 1 Saudi riyal.

– Number of shares before amendment: 18,165,000 shares.

– Number of shares after adjustment: 181,650,000 shares.

– There is no change in the company’s capital before and after the stock split

The company confirmed that the division decision will be effective for all the company’s shareholders who own shares on the day of the assembly Extraordinary general shareholders registered in the company’s shareholder register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of Holding an extraordinary general assembly. The impact of the decision will be applied to the share price starting from the working day following the meeting Implementing the decision with respect to the number of shares in shareholders’ portfolios on the second trading day following the date of the extraordinary general assembly in which it was decided Stock split.

The Company indicated also that the Assembly approves to amending Article No. (7) of the company’s bylaws related to the company’s capital, and approves to amending Article No. (8) of the company’s bylaws related to subscription to shares.