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Obeikan Glass Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bonus Shares
9531
OBEIKAN GLASS
-0.40
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1445/02/27 12/09/2023 08:39:22
| Element List | Explanation |
|---|---|
| Introduction | Obeikan Glass Company announces the Board of Directors’ decision on 11-09-2023 AD corresponding to 26-02-1445 AH to submit a recommendation to the company’s extraordinary general assembly to increase the capital by capitalizing part of retained earnings by granting one share for each three shares |
| Date of Board Meeting | 2023-09-11 Corresponding to 1445-02-26 |
| Capital before increase | 240,000,000 Saudi riyals |
| Capital after increase | 320,000,000 Saudi riyals |
| Percentage of Capital increase | 33.33 % |
| Number of shares before Capital increase | 24000000 |
| Number of shares after Capital increase | 32000000 |
| Reasons for the increase | The company aims to raise the capital to strengthen the capital base to support the future activities of the company, which contributes to achieving good growth rates during the coming years, God willing, as a continuation of the company's policy. |
| Number of Shares Granted per Exiting Share | One share for each three shares |
| Nature and Value of Reserves Used in the Capitalization | Only 80,000,000 Saudi riyals will be capitalized from the retained earnings. |
| Eligibility Date | Eligible Shareholders are Those Holding Shares in the Eligibility Date as per the Shareholders Registry at the Deposit Center at The End of The Second Working Day after Eligibility Date |
| Fractional Shares | In the event of fractional shares, the fractions will be collected in one portfolio for all shareholders and sold at the market price, then their value will be distributed to the shareholders entitled to the grant, each according to his share, within a period not exceeding 30 days from the date of determining the new shares due to each shareholder. |
| Approvals | The grant is conditional on obtaining the approval of the official authorities and the extraordinary general assembly on the increase in the capital and the number of granted share |
| Additional Information | According to the company's financial statements as of 31-Dec-2022 |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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