Nayifat shareholders to vote on share buyback on March 10

Logo of Nayifat Finance Co.

Nayifat Finance Co.’s shareholders will vote on a proposal to repurchase up to 3.4 million shares, representing 2.83% of total ordinary shares, to hold as treasury shares in an extraordinary general assembly meeting scheduled for March 10.

The company stated in a filing to Tadawul that the board of directors believes the stock is undervalued in the market.

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The buyback will be financed from the company’s own resources using available cash balances, Nayifat added.

The board will be authorized to complete the repurchase by the end of November 2025. Nayifat will retain the repurchased shares for a maximum of 10 years, after which it will comply with the relevant laws and regulations.

Additionally, shareholders will discuss the board's recommendation on the transferring the entire statutory reserve balance of SAR 69.64 million to retained earnings, as per the financial statements for the period ending Sept. 30, 2024.