Obeikan Glass shareholders to discuss 33.3% capital increase on May 18

Obeikan Glass manufacturing facility

Obeikan Glass Co.’s shareholders will vote on the board’s recommendation to increase capital by 33.3% to SAR 320 million, during the extraordinary general meeting (EGM) scheduled for May 18, according to a statement to Tadawul.

The capital hike will come through capitalizing part of the company’s retained earnings by issuing one bonus share for every three shares held, as follows:

Details of Bonus Share Distribution
Current Capital	SAR 240 mln
No. of Shares	24 mln
Percentage of Increase	33.3% (One bonus share for every three existing shares)
New Capital	SAR 320 mln
New No. of Shares	32 mln
Reasons of Increase	Boost the capital base and achieve high growth rates over the coming years, in line with the company's policy
Method of Increase	Capitalization of SAR 80 mln from retained earnings
Record Date	May 18, 2023 (Shareholders registered with Edaa on the second trading day after the EGM)

Shareholders will also vote on authorizing the board to pay an interim dividend on a semi-annual or a quarterly basis for 2023, the statement added.

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