Logo ofDar Almarkabah for Renting Cars Co.
Dar Almarkabah for Renting Cars Co. received a notice from the Saudi Exchange (Tadawul) today, Aug. 16, stating that the company’s average closing share price had fallen below the minimum required threshold. 
In a statement to Tadawul, the company said the three-month period granted to take corrective measures will commence today, in accordance with Paragraph (c) of Article 33 of the Listing Rules.
The company added that it plans to consolidate its shares to achieve a closing share price of at least SAR 3 and convene an extraordinary general meeting (EGM) to vote on the board’s recommendation, unless the share price rises to SAR 3 or above during the three-month period.
The company will also comply with the share consolidation requirements stipulated in the Implementing Regulations of the Companies Law applicable to listed joint-stock companies.
The share consolidation will reduce the total number of outstanding shares and correspondingly increase the value of each new share, without changing the company’s capital.
The company noted that failure to comply with the provisions of Article 33 of the Listing Rules would result in the application of procedures for suspending trading in listed securities, after which Tadawul would allow trading in the company’s shares outside the platform.
Dar Almarkabah affirmed its commitment to taking the necessary measures to comply with the minimum average closing share price requirement and to disclosing any material developments as they occur.
According to data available with Argaam, the stock closed at SAR 0.92 in Aug. 13’s session.
Logo ofDar Almarkabah for Renting Cars Co.
Dar Almarkabah for Renting Cars Co. received a notice from the Saudi Exchange (Tadawul) today, Aug. 16, stating that the company’s average closing share price had fallen below the minimum required threshold.
In a statement to Tadawul, the company said the three-month period granted to take corrective measures will commence today, in accordance with Paragraph (c) of Article 33 of the Listing Rules.
The company added that it plans to consolidate its shares to achieve a closing share price of at least SAR 3 and convene an extraordinary general meeting (EGM) to vote on the board’s recommendation, unless the share price rises to SAR 3 or above during the three-month period.
The company will also comply with the share consolidation requirements stipulated in the Implementing Regulations of the Companies Law applicable to listed joint-stock companies.
The share consolidation will reduce the total number of outstanding shares and correspondingly increase the value of each new share, without changing the company’s capital.
The company noted that failure to comply with the provisions of Article 33 of the Listing Rules would result in the application of procedures for suspending trading in listed securities, after which Tadawul would allow trading in the company’s shares outside the platform.
Dar Almarkabah affirmed its commitment to taking the necessary measures to comply with the minimum average closing share price requirement and to disclosing any material developments as they occur.
According to data available with Argaam, the stock closed at SAR 0.92 in Aug. 13’s session.
