Logo of Obeikan Glass Co.
The board of directors of Obeikan Glass Co. recommended a 33.3% capital increase to SAR 320 million, through a one-for-three bonus share distribution, to be partly financed from retained earnings, the company said in a statement to Tadawul.
|
Details of Bonus Shares |
|
|
Current capital |
SAR 240 mln |
|
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 company's capital base and support future activities, to record 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 |
Shareholders owning shares, by the close of trading on the extraordinary general meeting date, and 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 as of the date of the new shares allocation.
The bonus share distribution is subject to obtaining all necessary approvals from the competent authorities as well as the company’s shareholders, the statement added.
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