APC Assembly Approves Share Split to Nominal Value of One Riyal

The Arabian Pipes Co. (APC) announced on Thursday the results of the Extraordinary General Assembly Meeting (Second Meeting), where the results included approval of the Board of Directors’ recommendation to split the nominal value of the share from 10 riyals to one riyal.

According to the announcement published on “Tadawul”, the number of shares before the amendment was 15 million shares, and after the amendment it will become 150 million shares.

The Company confirmed that there is no change in the capital before and after the stock split process.

It indicated that the split decision will be effective for all shareholders who own shares on the day of the Extraordinary General Assembly Meeting and are registered with the Securities Depository Centre Company (Edaa) at the end of the second trading day following the date of the Extraordinary General Assembly Meeting in which the stock split was decided, and the effect of the decision will be applied to the share price starting from the business day following the Assembly Meeting, provided that the decision is applied to the number of shares in the shareholders’ portfolios on the second trading day following the date of the Extraordinary General Assembly Meeting in which the stock split was decided.

The rest of the voting results were approval of amending Article No. (7) of the Company’s Bylaws related to capital.