Riyadh – Mubasher: The extraordinary general meeting (EGM) of the National Company for Glass Industries (Zoujaj) on Wednesday approved increasing its capital, aiming to acquire a 10% stake in the Saudi Guardian and Guardian RAK.

The acquisition will be implemented through issuing 2.9 million shares and SAR 12 million, according to a filing to the Saudi Stock Exchange (Tadawul).

The EGM decided to increase the capital to SAR 329 million from SAR 300 million, effective for all registered shareholders at the end of the second trading day following the shareholders meeting, the statement added.

The company’s shares will grow 9.7% to reach 32.9 million shares instead of 30 million, the statement noted.

The EGM approved amending the company’s statute in line with the capital increase, the statement concluded.

By 10:57 am KSA time, Zoujaj’s stock stood at SAR 19.80, after adding 1.54%.