Latest news with #Nofoth
Argaam
04-08-2025
- Business
- Argaam
Nofoth to buy back 2.4M shares for ESIP
Nofoth Food Products Co. 's board of directors recommended on Aug. 3, the purchase of up to 2.4 million ordinary shares of the company to be held as treasury shares, with the intention of allocating them to the employee stock incentive program (ESIP). In a statement published today on Tadawul, Nofoth said that the share buyback will be funded through its internal resources, noting that treasury shares currently represent 30.55% of the total shares targeted for repurchase. The repurchased shares will not carry voting rights in the company's general assemblies. The recommendation will be presented to the upcoming extraordinary general meeting (EGM) for a vote, in accordance with regulatory requirements, as a solvency report will be prepared by the external auditor and submitted to the EGM. According to Argaam data, the company intends to repurchase and allocate a total of 2.4 million shares to the ESIP, representing approximately 2.5% of the company's total outstanding shares of 96 million.
Argaam
16-04-2025
- Business
- Argaam
CMA approves Nofoth's 100% capital hike to SAR 96M
The Capital Market Authority (CMA) approved Nofoth Food Products Co. 's application to increase its capital from SAR 48 million to SAR 96 million, the market regulator said in a statement today, April 15. The capital hike will be carried out through the issuance of one bonus share for every share held by shareholders registered with the Securities Depository Center (Edaa) by the close of the second trading day after the record date, which will be determined later by Nofoth's board. The move will be funded by transferring SAR 48 million from retained earnings to the company's capital, according to the CMA. As a result, the number of shares will increase from 48 million to 96 million, reflecting an addition of 48 million shares. The market regulator stated that the company's extraordinary general meeting (EGM) should be held within six months of this approval date, provided that the company satisfies all regulatory requirements and applicable laws. Last March, Nofoth's board recommended a 100% capital increase by distributing one bonus share for every share held, according to Argaam data. The move aims to boost the company's financial strength, support expansion plans, and enhance shareholder returns by growing operations and seizing opportunities in the food sector. Nofoth's board also approved the company's transition from the Nomu-Parallel Market to the Main Market (TASI) in January.
