Obeikan Glass manufacturing facility
Obeikan Glass Co.’s shareholders will vote on the board’s recommendation to increase capital by 33.3% to SAR 320 million, during the extraordinary general meeting (EGM) scheduled for May 18, according to a statement to Tadawul.
The capital hike will come through capitalizing part of the company’s retained earnings by issuing one bonus share for every three shares held, as follows:
|
Details of Bonus Share Distribution |
|
|
Current Capital |
SAR 240 mln |
|
No. of Shares |
24 mln |
|
Percentage of Increase |
33.3% (One bonus share for every three existing shares) |
|
New Capital |
SAR 320 mln |
|
New No. of Shares |
32 mln |
|
Reasons of Increase |
Boost the capital base and achieve high growth rates |
|
Method of Increase |
Capitalization of SAR 80 mln from retained earnings |
|
Record Date |
May 18, 2023 (Shareholders registered with Edaa on the second trading day after the EGM) |
Shareholders will also vote on authorizing the board to pay an interim dividend on a semi-annual or a quarterly basis for 2023, the statement added.
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