Nayifat’s EGM ratifies capital hike via bonus shares

Logo of Nayifat Finance Co.

Nayifat Finance Co.’s shareholders approved a board recommendation to raise capital by 20% to SAR 1.2 billion, during the extraordinary general assembly meeting (EGM) held on June 18.

 

Capital Increase Details

Current Capital

SAR 1 bln

Number of Shares

100 mln

Percentage of Increase

20%

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.

New Capital

SAR 1.2 bln

Number of Shares

120 mln

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.

Record Date

 

June 18, 2023 (Shareholders registered with Edaa at the end of the second trading day following the record date).
 

Fractional shares, if any, will be collected in a single portfolio to be sold at market price. The value will be distributed to eligible shareholders on a pro rata basis within 30 days from the allocation date, the company said in a statement on Tadawul. 

 

Sharholders authorized the board of directors to pay interim dividends for 2023 on a semi-annual or quarterly basis.

 

In a separate statement, the Saudi Exchange (Tadawul) announced that the fluctuation limits on Monday, June 19, for Nayifat will be based on a share price of SAR 17.50 and the outstanding orders will be canceled.

 

Furthermore, the Securities Depository Center (Edaa) will deposit the additional shares into investors’ portfolios by Wednesday, June 21. 

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