Obeikan Glass recommends a 33.3% capital increase through bonus shares

Obeikan Glass Company announced the decision of the Board of Directors to raise a recommendation to the extraordinary general assembly of the company to increase the capital by capitalizing part of the retained earnings by granting one share for every 3 shares held.

The company said in a statement on Tadawul Saudi Arabia today, Sunday, that it was decided to increase the capital by 33.33%, from 240 million riyals distributed over 240 million shares to 320 million riyals distributed over 320 million shares.

She explained that 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 as a continuation of the company’s policy.

It added that only 80 million riyals of retained earnings will be capitalized.

She indicated that the eligibility date for shareholders who own shares at the end of trading on the day of the company’s extraordinary general assembly (which will be determined later after obtaining regulatory approvals) and who are registered in the company’s shareholder register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the date of the meeting. the aforementioned association.