Obeikan Glass BOD recommends increasing company’s capital by granting shares

Obeikan Glass Company announced on Tuesday the Board of Directors’ decision on 11-09-2023 to submit a recommendation to the company’s extraordinary general assembly to increase the capital by capitalizing part of retained earnings by granting one share for each of three shares.

The company explained Today on Tadawul that the capital before the increase was SAR 240 million, while after the increase, it would become SAR 320 million, while the percentage of capital increase was 33.33%, adding that the number of shares before the increase was SAR 24,000,000, and after the increase, SAR 32,000,000.

The company indicated that the company aims 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, God willing, as a continuation of the company’s policy.

The company demonstrated that Only 80,000,000 Saudi riyals will be capitalized from the retained earnings. Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date, and in the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the new shares due to each shareholder.

The company indicated that the grant is conditional on obtaining the approval of the official authorities and the extraordinary general assembly on the increase in the capital and the number of granted shares.