National Building plans 1.5:1 bonus issue, dividend freeze for 2024

Logo of National Building and Marketing Co. (NBM)

National Building and Marketing Co. (NBM) board of directors recommended a 150% capital increase by issuing 1.5 bonus share for every share held.

In a statement to Tadawul, the company said that fractional shares, if any, will be compiled in one portfolio and will be sold at market price. The proceeds will be distributed pro rata among eligible shareholders within 30 days.

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The capital increase process is conditional on obtaining regulatory approvals, including the shareholders’ approval.

In a separate statement, the company said that the board of directors recommended withholding dividends for the year ended Dec. 31, 2024.

The proposal aimed at the completion of building and financing the company’s existing and future projects according to its strategy, supporting cash liquidity and its financial position.

The proposal will be presented before the upcoming shareholders meeting for approval, which will be scheduled later after obtaining necessary approvals.