The board members of Obeikan Glass Company greenlighted cash dividends valued at SAR 64 million for 2023, according to a bourse filing.

Obeikan Glass will pay out a dividend of SAR 2 per share, representing 20% of the share nominal value, for 32 million eligible shareholders.

Eligibility and distribution dates for the dividend will be 25 March and 1 April 2024, respectively.

During the same meeting on 27 December 2023, the board members also agreed to transfer the company’s shares from the Parallel Market (Nomu) to the main market All Share Index (TASI).

In this regard, the listed firm appointed Al Rajhi Capital as a financial advisor for the transition process.

Last month, the company’s shareholders approved a capital hike to SAR 320 million from SAR 240 million.

During the first nine months (9M) of 2023, Obeikan Glass recorded 53.55% lower net profits after Zakat and tax at SAR 71.73 million, compared to SAR 154.43 million in 9M-22.

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