We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 26 Jun 2019 02:06 PM

Font Size

- Aa +

Saudi finance firm Nayifat delays plans for IPO

Nayifat Finance Company says it has decided to reschedule the roadshow and book building process for its planned IPO

Saudi finance firm Nayifat delays plans for IPO
Nayifat Finance Company CEO Abudlmohsen Al Sowailem.

Nayifat Finance Company, a Saudi-based non-bank financial institution, has announced that it has delayed plans for an initial public offering (IPO) on the main market of the Saudi Stock Exchange (Tadawul).

The company said that, in consultation with its financial advisor, it has decided to reschedule the roadshow and book building process for its planned IPO, originally planned to start this week.

"The rescheduling is in the interest of selecting the next suitable window for the IPO," Nayifat said in a statement.

"Further updates regarding the timeline for the listing process will be announced in due course. In the meantime, Nayifat will continue to work on the implementation of various strategic initiatives, as per its current expansion plan," it added.

Earlier this month, Nayifat announced its intention to proceed with an initial public offering on the main market of the Saudi Stock Exchange (Tadawul).

It said the offering would comprise 36,500,000 ordinary new shares, representing 30.041 percent of the total share capital of the company.

The company added at the time that net proceeds will be used to grow the company’s financing portfolio and add credit cards to its product range.

Arabian Business digital magazine: read the latest edition online

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.