Riyadh — Mubasher: Molan Steel Company issued a supplementary announcement regarding its extraordinary general meeting (EGM) scheduled for 2 November 2026.

The update provides essential details concerning the second item on the meeting agenda, which focuses on a proposed share consolidation process.

The company aims to amend Article 6 and Article 7 of its Bylaws to reflect a change in the capital structure.

Under the proposal, the total number of issued shares will be reduced from 26.60 million to 2.66 million.

Simultaneously, the nominal value per share will increase from SAR 1 to SAR 10.

Molan Steel confirmed that the total issued and paid-up capital will remain unchanged at SAR 26.60 million. This disclosure follows an initial announcement made on 15 October 2026 and serves to provide shareholders with the necessary supporting documents that were previously omitted.

The company stated that there is no financial impact resulting from this supplementary clarification. The Ministry of Commerce has expressed no objection to presenting these proposed amendments to the shareholders for approval.

Earlier this month, the Nomu-listed firm completed a final settlement payment of SAR 6.83 million to Yara International Limited.