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Nasiq shareholders approve 150% capital hike
Naseej International Commercial Company has announced an invitation to its shareholders to vote on increasing the company's capital by 150% at the Extraordinary General Assembly meeting scheduled for August 26, 2026. The capital increase aims to address accumulated losses amounting to 108.97 million riyals and to support financial sustainability, through the issuance of 16.3 million shares with a nominal value of 10 riyals per share, totaling over 163 million riyals. The increase targets settling financial obligations and achieving growth strategies, with a larger portion of revenues allocated to debt repayment, real estate investments, supplier payments, and company building developments. The company also plans amendments to its bylaws to update the capital structure. Shareholders will have the opportunity to subscribe according to their rights based on the register of shareholders at the end of the record date. The company faces challenges due to a decline in production capacity utilization and rising debts, and it plans to reduce costs, increase sales, and improve cash collection to achieve better sustainability.
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