Obeikan Glass Co. Announces the Board’s Recommendation to Increase the Capital by Granting Bonus Shares

3.13 %
1445/02/27     12/09/2023 08:39:22

Element ListExplanation
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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Last Price 49.5
Net Change 1.5 (+3.13%)
Value Traded (Sar) 205,032.2
Volume Traded 4,220
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