Naba Alsaha (9546) Doubles Its Capital to SAR 210 Million With a 1-for-1 Bonus Issue

Naba Alsaha Medical Services (Nomu: 9546) will double its share capital to SAR 210 million after shareholders approved a one-for-one bonus issue, handing investors one free share for every share they already hold. The extraordinary general meeting passed on June 3, results were published June 4, and the depository applied the larger share count on June 8.

The mechanics matter less than the signal. A bonus issue moves SAR 105 million out of retained earnings and reserves and into paid-up capital, so total equity does not change and no cash leaves the company. SAR 93 million came from retained earnings and SAR 12 million from the statutory reserve. What shifts is the share count, which rises from 10.5 million to 21 million, and the price per share, which halves on the ex-date.

Why a small-cap does this

On Nomu, where floats are thin and per-share prices can sit high, halving the share price is a deliberate move to widen the investor base and improve liquidity. A board only capitalizes retained earnings when it is confident the business does not need that cash as a buffer. Naba Alsaha is running profitably, with first-half 2025 revenue of SAR 98.1 million and net profit of SAR 14.2 million, up 9 percent, and shareholders' equity that comfortably covered the old capital base before the issue.

The same meeting authorized the board to distribute interim dividends through 2026, on a quarterly or semi-annual basis. That is the line to watch. A bonus issue resets the share price, but a first interim dividend on the doubled share count is what would turn the board's stated confidence into cash in shareholders' hands.

For the wider market this is a Nomu-only event and did not move the main index, which slipped 0.1 percent to 10,990 on the day. For holders of 9546, the test is the first dividend declaration in the second half of the year.