Logo of Nayifat Finance Co.
Shareholders of Nayifat Finance Co. gave the go-ahead for repurchasing a maximum of 3.4 million treasury shares, or 2.83% of total shares during the extraordinary general meeting (EGM) held on March 10.
In a statement to Tadawul, Nayifat said the board of directors believes that the stock market price is less than fair value, noting that the buyback will be financed from its own resources.
The board will be authorized to complete the buyback process by Nov. 30, 2025.
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Nayifat will retain the repurchased shares for 10 years maximum, and then the company will follow the procedures and controls stipulated in the relevant laws and regulations.
Shareholders also approved the board’s proposal for transferring the entire statutory reserve of SAR 69.64 billion to the retained earnings balance as of Sept. 30, 2024.
Among other agenda items, the board was also mandated to pay quarterly or semi-annual dividends for 2025.
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