Tabreed is cancelling 970 million shares in an effort to lift its share price high enough so it can eventually raise more money, the company said yesterday.
Tabreed, also known as National Central Cooling Company, will convert every five shares to one new share as a part of its ongoing restructuring. Most shareholders will not see a significant difference in the value of their holdings even as the share price quintuples.
However, the company will not issue fractional shares. This means only blocks of shares divisible by five can be exchanged.
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