Obeikan Glass shareholders disapprove 33.3% capital increase proposal

Obeikan Glass manufacturing facility

Obeikan Glass Co.’s shareholders disapproved the board of directors’ proposal to increase capital by 33.3% to SAR 320 million via capitalization of retained earnings and a 1-for-3 bonus issue.

This came during the company’s extraordinary general meeting (EGM), held on May 18, according to a statement to Tadawul.

Shareholders also rejected to approve amending Article No. 7 of the company’s bylaws related to the company’s capital, and Article No. 8 related to share subscription.

Meanwhile, shareholders during the meeting approved other agenda items including the amendment to the company's bylaws in line with the new Companies Law, while authorizing the board to distribute an interim dividend for 2023 on a semi-annual or a quarterly basis.

In January, the board of directors recommended a 33.3% capital hike to SAR 320 million via capitalizing the retained earnings and a 1-for-3 bonus issue, data compiled with Argaam showed.