The Saudi Capital Market Authority approved the request of the “Nayifat Finance” company to increase its capital from 1 billion riyals to 1.2 billion riyals, by granting 1 free share for every 5 outstanding shares.
The authority said in a statement today, Tuesday, that the free distribution based on the shares is owned by the shareholders registered in the issuer’s shareholder register at the Depository Center at the end of the second trading day following the due date, which the company’s board of directors will determine its date at a later time.
She explained that the value of the capital increase is paid by transferring an amount of 169.7 million riyals from the item “retained earnings” and an amount of 30.3 million riyals from the item “statutory reserve”, and thus the number of shares increases from 100 million shares to 120 million shares, an increase of 20 million shares. .
She indicated that the date of the extraordinary general assembly meeting does not exceed 6 months from the date of this approval, and that the company completes the relevant legal procedures and requirements.
