The Extraordinary General Meeting of Sadr Logistics Services has approved the split of the company’s shares from 10 riyals to one riyal per share. The decision will come into force for all shareholders who own shares on the day of the extraordinary general meeting.

Share Split Details

The number of shares will increase after the adjustment to 175 million shares from 17.5 million shares. There is no change in the company’s equity before and after the share split process. The effect of the decision will apply to the price of the share starting from the next business day after the meeting.

Amendment Approval

The meeting approved the amendment to article No. (7) of the company’s articles relating to (company capital) and the amendment to article No. (8) of the company’s articles relating to (share subscription). The charter of the company was also approved to be amended in accordance with the new corporate legislation.

Dividend Decision

The recommendation of the Board of Directors not to distribute cash dividends to shareholders for the financial year 2022 was approved to strengthen the company’s financial position and support upcoming expansions and projects.

Audit Appointment

The appointment of Dr. Muhammad Al-Omari and Associates, Chartered Public Accountants (BDO) was approved to examine, review, and audit the financial statements for the (second, third, and annual) quarters of fiscal year 2023 AD and the first quarter of fiscal year 2024 AD.