Saudi: Obeikan Glass’ board suggests 33% capital raise via bonus shares

PHOTO

Riyadh – The board of Obeikan Glass Company recommended, on 7 January, a capital increase of 33.33% by granting 80 million bonus shares.

Subject to the approval of the extraordinary general meeting (EGM), the new capital will stand at SAR 320 million distributed over 32 million shares, compared with SAR 240 million and 24 million shares prior to the hike.

Obeikan Glass would capitalise part of its retained earnings by granting one bonus share for each three owned shares, according to a bourse announcement.

The company aims to endorse its capital base through the increase process to support future activities during the coming years.

In the first nine months (9M) of 2022, Obeikan Glass witnessed a 31.97% year-on-year (YoY) growth in net profit after Zakat and tax to SAR 154.43 million from SAR 117.02 million.

Revenues also soared by 18.23% to SAR 390.29 million in 9M-22, compared to SAR 330.11 million in 9M-21.

The earnings per share (EPS) also increased to SAR 6.43 in January-September 2022 from SAR 4.88 in the year-ago period.