Obeikan Glass manufacturing facility
Shareholders of Obeikan Glass Co. are set to vote on increasing the capital by 33.3% to SAR 320 million by capitalizing part of retained earnings via a one-for-three bonus share distribution.
The vote will take place in an extraordinary general meeting (EGM) to be held on Nov. 23, according to a statement to Tadawul.
|
Details of Bonus Shares |
|
|
Current capital |
SAR 240 mln |
|
Current Number of shares |
24 mln |
|
Percentage of increase |
33.3% (one share for every three shares held) |
|
New capital |
SAR 320 mln |
|
Number of shares |
32 mln |
|
Reason |
To strengthen the capital base and support future activities, leading to high growth rates over the coming years in line with the company’s policy |
|
Method |
Capitalization of SAR 80 mln of retained earnings |
|
Record date |
Nov. 23, 2023 (shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day following the EGM date) |
Fractional shares, if any, will be collected into one investment portfolio to be then sold at the market price. The value of the sold portfolio will be distributed to eligible shareholders pro rata within 30 days of the date of the new share allocation.
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