Nayifat Finance Company to list on Tadawul

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Time: June 18, 2019  

Abdulmohsen Al-Sowailem, CEO of Nayifat.

Nayifat Finance Company, a non-bank financial institution in Saudi Arabia, has announced its plan to list on Tadawul, the Saudi stock exchange.

The offering will comprise 36,500,000 ordinary new shares, representing 30.041 percent of the total share capital of the company after the offering. The Capital Markets Authority issued its resolution on March 31, approving the application for the offering. The net proceeds due to the company will be used to grow the company’s financing portfolio and add credit cards to its product range. The current shareholders will not receive any proceeds from the offering.

Saud Huwaimel Al-Dosari, chairman of Nayifat, said: “The announcement of our intention to list on Tadawul is an important milestone for the company, with the forthcoming IPO set to boost us on our growth trajectory. For some time, we have occupied a leading position in the Saudi NBFI industry, and this latest achievement is testament to the diligence and hard work that have been shown by our management and staff since Nayifat’s foundation in 2002.”

Abdulmohsen Al-Sowailem, CEO of Nayifat, said: “We have identified opportunities for expansion, which will see our loan book grow considerably between now and 2023 in line with the National Transformation Plan and the Financial Sector Development Program, which forms part of Saudi Vision 2030. Our IPO is an important step for setting those growth plans in motion, especially through the diversification of our product offering and expansion of our financing business.”

He added: “Our aim is to consolidate Nayifat’s place as Saudi Arabia’s premier NBFI, with key pillars of our expansion being consumer finance and our expansion in SME financing and credit card products.”

This article was first published in Arab News

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