Logo of Nayifat Finance Co.
Nayifat Finance Co. shareholders will vote on increasing capital by 20% to SAR 1.2 billion through bonus share distribution, during the extraordinary general meeting scheduled for June 18.
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Capital Increase Details |
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Current Capital |
SAR 1 bln |
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Number of Shares |
100 mln |
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Percentage of Increase |
20% |
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Method |
Distribution of one share for every five held shares by capitalizing retained earnings balance, amounting to SAR 169.7 million, as well as capitalizing SAR 30.3 million from the statutory reserve account. |
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New Capital |
SAR 1.2 bln |
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Number of Shares |
120 mln |
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Reason |
Supporting and strengthening capital base and future activities to enable the company to achieve growth rates and diversify its investments, in addition to supporting its future growth plans over the coming years. |
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Record Date |
June 18, 2023 (Shareholders registered with Edaa at the end of the second trading day following the record date). |
Shareholders will also vote on authorizing the board of directors to distribute interim dividends on a quarterly or semi-annual basis for 2023.
The company earlier obtained the approval of the Capital Market Authority (CMA) and non-objection from Saudi Central Bank (SAMA) on the capital increase, according to data available with Argaam.
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