Riyadh – Mubasher: The Capital Market Authority (CMA) approved the request of National Company for Glass Industries (Zoujaj) to increase its capital.
The company had requested to raise its capital from SAR 300 million to SAR 329 million to acquire a 10% stake in two firms, according to a bourse filing on Wednesday.
Zoujaj will acquire a 10% equity of Eastern Company for Industrial Investment in Saudi Guardian International Glass Company and a 10% equity stake currently held by Al Zamil Group Holding Company in Guardian Zoujaj International Float Glass Company.
The board of the Saudi-listed company will publish a disclosure document to its shareholders related to the objectives and rationale of the capital increase, the statement said.
The company noted that such approval was granted upon Zoujaj’s compliance with the relevant disclosure requirements as per the listing rules.
