‎“Nayifat” GA to increase capital to SR1.2 ln by granting free ‎shares

Nayifat Finance Company announced the results of the Extraordinary General Assembly meeting (the first meeting), which was held on Sunday, as the items included:

Approving the recommendation of the Board of Directors to increase the capital by granting free shares to shareholders at a value of 200 million riyals, as the nominal value of the capital before the increase was one billion riyals, while the nominal value after the increase will be 1.2 billion riyals, with an increase of 20%.

The company said that the reasons for the increase in capital are to support its future activities and strengthen the capital base, to enable it to achieve growth rates and diversify investments.

It explained that the number of shares granted is (1) share for every (5) shares owned, provided that the value of the capital increase is financed by capitalizing 169.7 million riyals from the balance of retained earnings, in addition to capitalizing 30.3 million riyals from the balance of the company’s statutory reserve. ‏