Al Modawat’s board recommends stock split

Al Modawat’s board recommends stock split

Riyadh – Mubasher: The board members of Al Modawat Specialized Medical Company proposed, in their 8 May 2024 meeting, to split the par value from SAR 10 per share to SAR 1 a share. Following the stock split transaction, the number of shares will increase to 23.75 million from 2.37 million shares, according to a bourse filing. The company noted that the capital will remain unchanged in line with the stock split process. In their March meeting, the board recommended cash dividends worth SAR 16.62 million for 2023, during which Al Modawat generated net profits of SAR 18.59 million and revenues worth SAR 74.30 million. 

Al Modawat’s board recommends stock split