SAIC says subsidiary Obeikan Glass shareholders approve capital cut

The extraordinary general assembly of Obeikan Glass Company, in which Saudi Advanced Industries Co.’s (SAIC) owns a 40 percent stake, approved on Tuesday to cut company’s capital to SAR 200 million from SAR 300 million, SAIC said in a statement to Tadawul.

The glass manufacturer decided that it does not need a capital hike it announced earlier, so it will refund SAIC’s share of the capital increase amounting to SAR 40 million, the statement said.

The financial impact of the capital reduction is yet to be determined; and SAIC will announce any developments as they occur, it added.