The share of Aqasem Saudi Factory jumps 12% after the announcement of the stock split.
The Board of Directors of Aqsaim Chemical and Plastic Manufacturing Company announced in an official statement on the Saudi Stock Exchange platform on Monday the results of the extraordinary general assembly meeting, which was held last night; Sunday.
Aqsaim Company clarified that the extraordinary general assembly approved the Board of Directors' recommendation to execute a stock split of 1:10, making the nominal value of each share after the split one Saudi riyal, down from 10 riyals prior to the assembly's decision.
According to the new decision, the number of Aqsaim shares is now 25 million shares, having previously been 2.5 million shares. The assembly indicated that there were no changes to the company's capital value following the stock split compared to what it was before the split.
Aqsaim Company stated that the decision will be implemented starting from the second trading day following the date of the assembly meeting, as the decision came into effect at the start of the Saudi stock market session today, and the decision regarding the number of shares in the shareholders' portfolios was applied today.
In terms of trading, the share of Aqsaim Chemical and Plastic Manufacturing Company (TADAWUL: 9539) surged by 11.60% during today's Saudi stock session, recording 8.0 Saudi riyals.