Bank sources said that it is expected to open the subscription window for offering a stake in Nayifat Finance Company on October 21, and that it will continue for 7 days.
The sources added to CNBC Arabia, that the pricing of the final offering of a share of the company that is active in the Saudi Islamic finance market is expected to be on November 2, and then start Individuals subscribed to the company's shares over two days on November 7-8.
The Al-Nayifat Company announced yesterday, Tuesday, its intention to offer a 35% stake in its shares, after obtaining initial approval from the Saudi Capital Market Authority for the offering on September 29. past.
The company did not disclose the time frame for the offering process at the time.
In a previous interview with CNBC Arabia, the CEO of the company, Abdul Mohsen Al-Suwailem, said that the target proceeds from the offering had not been determined, alluding to the lines of credit available to the company by about 2.2 billion riyals.
The same banking sources indicated that it is expected that the shares will be allocated and the subscription surpluses will be returned on the 13th of next November, and that trading on its shares will begin within a few days of receiving the subscription proceeds.< /p>
The entire offering shares will be allocated to the participating classes, and in the event of a sufficient request from individual subscribers, the Offering Manager has the right to reduce the number of offering shares allocated to institutions and allocate 10% of the offering shares. For individual subscribers.
The company has a market share of about 18%, and its current capital is about one billion riyals, and it is the first non-bank financial institution to obtain a license from the Saudi Central Bank to issue credit cards, according to the statement. What the company reported.
