Qatar Islamic Bank (QIB) has said its stock split will be executed at the end of Thursday's trading session.
"Thus, starting from Sunday (June 16, 2019), QIB shares will be traded based on the new adjusted position," a bank spokesman said.
The stock split is based on the decision of the Qatar Financial Market Authority to split the stock of companies and legal entities listed on the Qatar Stock Exchange so that the nominal value of companies’ shares will become QR1 per share instead of QR10 a piece and the number of shares will increase 10 times the existing levels.
With the reduction in the nominal value of the share, the total number of shares would increase from 236.29mn to 2.36bn; even as the paid up capital will not change and remain at QR2.36bn.
As for QIB shareholders, they don't need to do anything as the numbers of shares they hold will automatically be adjusted on Sunday.