Dar Al Markaba Advises Share Merger for 10 Riyal Nominal Value
Dar Al-Morqaba Car Rental Company announced its approval to conduct a reverse stock split through a reduction mechanism, aimed at increasing the par value of the share from 0.50 Riyals to 10 Saudi Riyals. The capital will remain fixed at 25 million Riyals, with the number of shares decreasing from 50 million to 2.5 million shares after the split, without affecting shareholders' rights or the market value. This initiative comes to correct the closing price of the share, which had fallen to less than one Riyal for 15 consecutive trading days, and to meet market requirements that the closing price be at least 3 Riyals. The move aims to enhance the share's attractiveness and reduce its price volatility.
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