Riyadh – Mubasher: The shareholders of Naf Company for Feed for Industry ratified a significant 10-for-one stock split and authorized the Board of Directors to distribute interim dividends for the 2026 fiscal year.
During the Extraordinary General Assembly Meeting (EGM) on 24 June 2026, the equityholders approved the company’s 2025 financial statements, the appointment of external auditors, and the approval of several related-party transactions.
The primary highlight of the assembly was the approval of a structural change to the company’s share capital. Shareholders voted to reduce the nominal value of the company's shares from SAR 10 to SAR 1, while the total issued capital remains unchanged at SAR 20 million.
The total number of shares will increase from 2 million to 20 million shares, accordingly. This measure is intended to enhance the liquidity of the stock on the Parallel Market (Nomu).
The adjustment, meanwhile, have reflected in shareholders' portfolios by the end of the second trading day following the assembly, with the price impact effective from the first business day following the meeting.
In a move to provide more frequent returns to investors, the assembly granted the Board of Directors the authority to distribute interim dividends on a semi-annual or quarterly basis for the fiscal year ending on 31 December 2026.
The mandate aligns with the company’s recent transition to a listed joint-stock company, a milestone that also prompted several amendments to the company’s Bylaws. Moreover, the amendments covered articles related to the company name, objectives, share trading, and the powers of the Board and executive leadership.
The assembly also addressed governance and administrative matters. Shareholders approved the financial statements, the Board of Directors’ report, and the auditor’s report for 2025. Following these reviews, the Board was discharged from liability for the same period.
Furthermore, a consortium consisting of Yasser Zuman Al Zuman, Khalid Fawzan Al Fahad, and Zaher Abdullah Al Hajjaj Professional Consulting was appointed as the external auditor for the 2026 fiscal year, with a total fee of SAR 285,000 (excluding VAT).
A special remuneration of SAR 300,000 was approved for the Chairman of the Board, Fayez Adhar Talhab Al Harbi. The payment recognizes his strategic contributions, specifically his role in overseeing the company’s successful initial public offering (IPO) and listing on the Nomu market during 2025.
A significant portion of the meeting was dedicated to the ratification of related-party transactions conducted during 2025. These included various service and supply contracts with companies in which Chairman Fayez Al Harbi and Managing Director Abdullah Al-Khalifa hold interests.
Notable among these were transportation services provided by Sabek Al Jusoor Commercial Company totaling approximately SAR 7.19 million and the purchase of an administrative building and land lease rights from Foodicom for SAR 3.05 million. The company confirmed that all such transactions were conducted on an arm’s length basis without preferential terms.
