Almuneef EGM approves 10:1 stock split

Logo of Almuneef Co. for Trade, Industry, Agriculture and Contracting

Almuneef Co. for Trade, Industry, Agriculture and Contracting’s extraordinary general assembly (EGM), held on Nov. 25, approved splitting the stock nominal value from SAR 10 to SAR 1, according to a statement to Tadawul.

Accordingly the number of shares will stand at 38 million.

Almuneef pointed out that the stock split decision, if approved, will be applicable on all shareholders on the EGM date and those registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM.

The stock split will apply starting from the subsequent working day following the EGM. Meanwhile, the new number of shares in shareholders’ portfolios will take effect by the end of the second trading day following the EGM.

Meanwhile, shareholders elected members of the board of directors for the upcoming four-year term starting on Dec. 13, 2024.

The new board will include Ibrahim Al Mohsen, Hamad Al Hajri, Nasser Al Hajri, Ziad Al Khowaiter, Khalid Al Hajri and Abdullah Al Sheikh.

The Saudi Exchange (Tadawul) announced that the fluctuation limits for Almuneef will be based on a share price of SAR 5.90, and the outstanding orders will be canceled. Furthermore, the Securities Depository Center (Edaa) will deposit the split shares into the investor portfolios by Nov. 28.

The company is committed to completing the necessary related processes, noting that any updates will be announced in due course.