Saudi Advanced Industries Company and its subsidiary announce the completion of the sale of part of its shares in Obeikan Glass Company
| Element List | Explanation |
|---|---|
| Introduction | Saudi Advanced Industries Company and its subsidiary, announces the completion of the sale of part of its shares in Obeikan Glass Company, amounting to 4,025,751 shares, representing 12.58% of Obeikan Company’s capital. |
| Transaction Details | Selling 4,025,751 shares in separate batches of Obeikan Glass Company shares, representing 12.58% of Obeikan Company’s capital, with a total value estimated at 144,121,886 Saudi riyals at a price of 35.8 riyals per share.
The ownership of Saudi Advanced Industries Company and its subsidiary before the sale amounted to 11,787,276 shares, representing 36.84% of the capital of Obeikan Glass Company, so their ownership after the sale amounted to 7,761,525 shares, representing 24.25% of the capital of Obeikan Glass Company.
This deal comes within the plan of Saudi Advanced Industries Company and its subsidiary to meet the liquidity requirements for the move of its associate company, Obeikan Glass Company, to the main market (TASI). |
| Transaction Value | 144,121,886 Saudi riyals |
| Transaction Terms | N/A |
| Parties of the Transaction | Seller: Saudi Advanced Industries Company and its subsidiary
Buyer: Number of buyers (via private deals) |
| Transaction Execution Date | 2024-04-18 Corresponding to 1445-10-09 |
| Description of the Business of the Asset forming the Subject Matter of the Transaction | The company specializes in manufacturing and producing all types of glass (transparent, coated, and safety glass). The company is currently one of the largest companies in the flat glass industry in the Middle East, with a maximum production capacity of 800 tons per day. The company’s factory is located in Yanbu Industrial City. The company's activity also includes wholesale and retail trade of all types of glass and raw materials for manufacturing glass and accessories, in addition to manufacturing, cutting, coloring and installing glass, as well as establishing and managing related mining quarries. |
| Asset Book Value | 19.69 Saudi riyals per share |
| Financial Statements for the Last Three Years of the Asset forming the Subject Matter of the Transaction | attached |
| Transaction reasons | This deal comes within the company's plan to meet the liquidity requirements for the move of its associate company, Obeikan Glass Company, to the main market (TASI). |
| Expected Impact of the Transaction on the Company and Its Operations | Achieving capital gains estimated at a total amount of 64,865,983 Saudi riyals. The financial impact will appear during the second quarter of the year 2024. |
| Details of Using The Proceeds of the Asset Sale | Supporting the company's financial position and enhancing future growth plans. |
| Related Parties | N/A |
| Attached Documents |  |
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