CMA approves Obeikan’s request to increase capital by ‎granting free shares

The Capital Market Authority announced the issuance of its decision approving Obeikan Glass Company’s request to increase its capital from 240 million riyals to 320 million riyals by granting (1) free share for every (3) existing shares owned by shareholders registered in the register of shareholders of the issuer at the Center Deposit at the end of the second trading day following the maturity date, the date of which will be determined by the company’s Board of Directors at a later date, provided that the value of the capital increase is paid by transferring an amount of 80 million riyals from the “retained earnings” item, thus increasing the number of shares. From 24 million shares to 32 million shares, an increase of 8 million shares. Provided that the date of the extraordinary general assembly does not exceed 6 months from the date of this approval, and that the company completes the relevant procedures and legal requirements.