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.
|
Bonus Issue Details |
|
|
Current Capital |
SAR 240 mln |
|
Number of Shares |
24 mln |
|
Percentage of Increase |
33.3% (One bonus share for every three existing shares) |
|
New Capital |
SAR 320 mln |
|
Number of Shares |
32 mln |
|
Reason |
Strengthening the capital base to bolster the company’s future activities in a way that will help achieve robust growth rates over the coming years, aligning with the company’s policy. |
|
Method |
Capitalizing SAR 80 million from the retained earnings. |
|
Record Date |
Shareholders of record registered with the Securities Depository Center Company (EDAA) at the end of the second trading day following the general meeting date. |
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