Knowledge Tower shareholders OK 15% dividend for H1 2022/23, nominal value reduction

Logo of Knowledge Tower Trading Co.

Shareholders of Knowledge Tower Trading Co. approved a 15% dividend payout, at SAR 1.5 per share, for the first half ended March 31, 2023, during the extraordinary general meeting (EGM) held on July 5. 

They also approved the board’s proposal for reducing the stock's nominal value from SAR 10 to SAR 1.

In a statement to Tadawul, the company said the decision will be effective for all shareholders on the day of EGM, and those registered with Securities Depository Center (Edaa) at the end of the second trading day following the EGM, during which the stock split is approved.

The stock price will be adjusted accordingly starting from the day following the EGM. The new number of shares will be applied to shareholder portfolios by the close of the second trading day after the EGM.

In a separate statement, Tadawul announced that the stock’s fluctuation limits will be based on a share price of SAR 7.35 for today, July 6. Accordingly, the outstanding orders will be canceled.

Edaa will deposit the split shares into the investor’s portfolios by July 10, the statement added.