Obeikan Glass manufacturing facility
Shareholders of Obeikan Glass Co. approved increasing capital by 33.3% to SAR 320 million through a 1-for-3 bonus share distribution during the extraordinary general meeting (EGM) held on Nov. 23.
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Details of Bonus Shares |
|
|
Current capital |
SAR 240 mln |
|
Current Number of shares |
24 mln |
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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, which leads to high growth rates over the coming years in line with the company’s policy |
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Method |
Capitalization of SAR 80 mln of retained earnings |
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Record date |
Nov. 23, 2023 (Shareholders registered with Edaa by the close of second trading day after the EGM date) |
Fractional shares, if any, will be collected into one investment portfolio to be then sold at 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.
In a separate statement, the Saudi Exchange (Tadawul) set the daily trading fluctuation limit for the stock based on a share price of SAR 55.80 for today, Nov. 26. The outstanding orders will be canceled.
The Securities Depository Center Co. (Edaa) will deposit the bonus shares into investor portfolios by Nov. 28.
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