Rafza Shareholders Approve 115 Percent Capital Increase, With 600 Billion Rials Funded in Cash

The extraordinary general assembly of Rafza approved on Monday, 5 October 2026, an increase in the company's capital from 2,000 billion rials to 4,300 billion rials, or 115 percent. According to the decisions filed on Codal, of this 2,300 billion rial increase, 1,700 billion rials come from retained earnings and 600 billion rials from receivables and cash contributions. Each share has a par value of 1,000 rials and the current share count is 2 billion shares.

The retained-earnings portion (equal to 85 percent of current capital) gives shareholders new shares without any payment and is not dilutive. The cash portion (equal to 30 percent of current capital) reduces the stake of a shareholder who does not subscribe; for that reason the increase as a whole is classed as dilutive.