Nayifat gets CMA nod on 20% capital increase via bonus issue

21/03/2023 Argaam
Logo ofNayifat Finance Co.

Logo of Nayifat Finance Co.

The Capital Market Authority (CMA) approved the request received from Nayifat Finance Co. (NFC) to increase its capital by 20% to SAR 1.2 billion via a one-for-five bonus share distribution, according to a statement.  

   

Eligibility for the bonus distribution will be to shareholders registered with Edaa as of the close of the second trading day after the record date, which will be determined later by the company's board, the CMA added.  

  

The increase will be financed by transferring SAR 169.7 million from retained earnings and SAR 30.3 million from statutory reserve. Consequently, the number of the company's shares will increase from 100 million to 120 million.  

  

The extraordinary general assembly shall be held within six months from this approval date and the company will satisfy all regulatory requirements and applicable laws, the CMA said.  

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