National Building scraps plan to increase capital via bonus issue

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National Building and Marketing Co.’s (NBM) board of directors decided today, Oct. 4, to withdraw the company's capital increase application to the Capital Market Authority (CMA), as no supplementary reasons for the plan were provided, according to a statement to Tadawul.

 

In October 2022, the company's board recommended a 125% capital hike to SAR 270 million from SAR 120 million. In December 2022, the proposal was amended to SAR 240 million, Argaam's data showed.

 

The capital top-up was aimed at bolstering the company's capital base and future activities, to achieve better growth and diversify its investments in the coming years.

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