CMA approves Al Obeikan Glass capital increase request to ‎SR320 mln

The Capital Market Authority announced its decision approving Obeikan Glass Company’s request to increase its capital from (240,000,000) riyals to (320,000,000) riyals, by granting (1) free share for every (3) existing shares owned by shareholders registered in the shareholder register. The issuer is at the Depositary Center at the end of the second trading day following the due date, which the company’s board of directors will determine its date at a later time, provided that the value of the capital increase is paid by transferring an amount of (80,000,000) riyals from the “retained earnings” item. Thus, the number of shares increases from (24,000,000) shares to (32,000,000) shares, with an increase of (8,000,000) shares. Provided that the date of the extraordinary general assembly meeting does not exceed six months from the date of this approval, and that the company completes the relevant legal procedures and requirements.