Logo ofTourism Enterprise Co. (Shams)
Tourism Enterprise Co. (Shams) shareholders will vote on the board recommendation to adjust the stock’s par value from SAR 0.50 to SAR 10 per share, during the extraordinary general meeting (EGM) to be held on Oct. 16. 
Details
Nominal Value
SAR 0.50
New Nominal Value
Sar 10
Number of Shares
1.15 bln
New Number of Shares
57.82 mln
In a statement to Tadawul, the company confirmed that there will be no change to its capital before or after the stock adjustment. It noted that, if approved, the decision will apply to all shareholders of record on the EGM’s day and those registered with the Securities Depository Center (Edaa) by the close of trading on the second day following the meeting date.
The company added that the adjustment will reflect on the stock price starting from the next business day after the EGM, while the change in the number of shares in shareholders’ portfolios will apply on the second trading day following the meeting date.
The EGM will also vote on amending Article (7) of the company’s Articles of Association related to capital, as well as Article (8) related to share subscription.
According to available data on Argaam, Shams recently received a notice from Saudi Tadawul Group that the average closing price of its share fell below the minimum threshold.
The company clarified that the grace period to take corrective measures began on July 20, for three months, in line with Paragraph (c), Article 33 of the Listing Rules.
It is worth noting that in June 2023, the company split its share par value to SAR 0.50 per share, with current capital amounting to SAR 578.24 million divided into 1,156.47 million shares.
In July, the board of directors recommended a reverse split to raise the par value from SAR 0.50 per share to SAR 10 per share, thereby reducing the number of shares to 57.82 million from 1,156.47 million.
The company also announced yesterday that the extraordinary general assembly (second meeting), scheduled to be held one hour after the first meeting, was not convened due to a lack of quorum.
Logo ofTourism Enterprise Co. (Shams)
Tourism Enterprise Co. (Shams) shareholders will vote on the board recommendation to adjust the stock’s par value from SAR 0.50 to SAR 10 per share, during the extraordinary general meeting (EGM) to be held on Oct. 16.
Details
Nominal Value
SAR 0.50
New Nominal Value
Sar 10
Number of Shares
1.15 bln
New Number of Shares
57.82 mln
In a statement to Tadawul, the company confirmed that there will be no change to its capital before or after the stock adjustment. It noted that, if approved, the decision will apply to all shareholders of record on the EGM’s day and those registered with the Securities Depository Center (Edaa) by the close of trading on the second day following the meeting date.
The company added that the adjustment will reflect on the stock price starting from the next business day after the EGM, while the change in the number of shares in shareholders’ portfolios will apply on the second trading day following the meeting date.
The EGM will also vote on amending Article (7) of the company’s Articles of Association related to capital, as well as Article (8) related to share subscription.
According to available data on Argaam, Shams recently received a notice from Saudi Tadawul Group that the average closing price of its share fell below the minimum threshold.
The company clarified that the grace period to take corrective measures began on July 20, for three months, in line with Paragraph (c), Article 33 of the Listing Rules.
It is worth noting that in June 2023, the company split its share par value to SAR 0.50 per share, with current capital amounting to SAR 578.24 million divided into 1,156.47 million shares.
In July, the board of directors recommended a reverse split to raise the par value from SAR 0.50 per share to SAR 10 per share, thereby reducing the number of shares to 57.82 million from 1,156.47 million.
The company also announced yesterday that the extraordinary general assembly (second meeting), scheduled to be held one hour after the first meeting, was not convened due to a lack of quorum.
