Obeikan Glass Company is pleased to announce the results of the Extraordinary General Assembly meeting No 3 (First meeting) that took place on 09-05-1445 AH corresponding to 23-11-2023G at 6:30 PM by means of modern technology, after securing the required quorum.
Voting Results on the Items of the General Assembly’s Meeting Agenda’s:
1) Approving the Board of Directors’ recommendation to increase the company’s capital by an amount of (80,000,000) eighty Million Saudi Riyals, according to the following:
– The company’s capital before the increase is (240,000,000) two hundred and forty Million Saudi Riyals, divided into (24,000,000) twenty-four Million common shares.
– The company’s capital after the increase is (320,000,000) three hundred and twenty Million Saudi Riyals, divided into (32,000,000) thirty-two Million common shares.
– The total amount of the increase is (80,000,000) Eighty Million Saudi Riyals.
– The ratio of increase in the capital is 33.33%.
– The reason for the capital 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.
– The method of increasing the capital: by granting bonus shares by capitalizing (80,000,000) Eighty Million Saudi Riyals from the balance of retained earnings as of 31/12/2022G, by granting one free share for every three shares owned by the shareholders.
– Eligibility date: The eligibility will be for all the company’s shareholders registered in the company’s records at the Securities Depository Center (Edaa Center) at the end of the second trading day following the Extraordinary General Assembly in which it was decided to increase the capital.
– Details of how to deal with fractional shares: In the event that there are fractional shares, they will be collected in one portfolio for all shareholders, sold at the market price, and then their value 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 shares entitled to each shareholder.
– Approving the Amendment of Article Seven of the company’s bylaws related to capital.
– Approving the Amendment of Article Eight of the company’s bylaws related to subscription to shares.
2) Approving the Board of Directors membership policy and procedures for Obeikan Glass Company.