TADCO disapproves amending bylaws

Tabuk Agricultural Development Co.'s (TADCO) shareholders disapproved amending the company's bylaws during the extraordinary general meeting (EGM), the company said in bourse filing.

Shareholders disapproved amending bylaws related to the company's capital, board restructure, general meetings, committee reports, and financial documents.

The board of directors had recommended a capital reduction to SAR 241.77 million, divided into 24.17 million shares, at SAR 10 each, instead of SAR 450 million, divided into 45 million shares, at SAR 10 each. Last March, shareholders approved the board's recommendation to cut capital by 46.27% to offset accumulated losses.