Obeikan Glass disapproves capital increase by amount of SAR 80 million in bonus shares

Obeikan Glass Company announced to its shareholders the results of the Extraordinary General Assembly meeting No 2 (First meeting), which was held on Thursday, 18.05.2023, which included disapproving the Board of Directors’ recommendation to increase the company’s capital by an amount of SAR 80 million by bonus shares.

The company’s capital before the increase is SAR 240 million, divided into 24 million common shares. The company’s capital after the increase will be SAR 320 million, divided into 32 million common shares, an increase of 33.33%.

The company stated on Thursday on Tadawul that the capital increase aimed to raise the capital to strengthen the capital base to support the future activities of the company, which contributes to achieving good growth rates during the coming years, as a continuation of the company’s policy.