Riyadh — Mubasher: Molan Steel Company’s board of directors recommended a reverse stock split to increase the nominal value of its shares to SAR 10 per share, up from the current SAR 1.
The proposal, issued on 27 August 2026, is subject to approval by the extraordinary general assembly and relevant regulatory authorities.
The structural adjustment will result in a significant reduction in the company's outstanding shares, decreasing the total amount from 26.60 million shares to 2.66 million shares.
Despite the consolidation of shares, the company confirmed that the transaction will not result in any change to its total share capital, which remains fixed at SAR 26.60 million.
Molan Steel Products stated it will proceed with the necessary legal requirements and procedures to implement the change.
The company is committed to providing further updates to shareholders as developments occur regarding the regulatory approval process and the scheduled date for the extraordinary general assembly meeting.
In the first half (H1) of 2026, Molan Steel reported 296.10% higher net losses at SAR 11.14 million, compared to SAR 2.81 million in H1-25.
