The National Company for Glass Industries (Zoujaj) approved the acquisition of a 10 percent stake each in Saudi Guardian International Float Glass Co. (GulfGuard) and Guardian Zoujaj International Float Glass (Guardian RAK), the company said in a statement to Tadawul on Thursday.
The stakes will be acquired from Eastern Industrial Investment and Al Zamil Group Holding Co., after which Zoujaj will raise its holding in both companies to 55 percent each.
Zoujaj’s capital will be increased to SAR 329 million from SAR 300 million, with the issued shares accounting for 9.67 percent of outstanding shares, the statement added.
On a separate note, Zoujaj’s board recommended cash dividend at 5 percent of capital, or SAR 0.50 a share, totaling SAR 16.5 million for H1 2017.
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Capital Hike Details |
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Current capital |
SAR 300 million |
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Current No. of shares |
30 million |
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Percentage of Increase |
9.7 percent |
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Post-increase capital |
SAR 329 million |
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Post-increase shares |
32.9 million |
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Eligibility Date |
May 24, 2017 |
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