Tabuk Agricultural Development Co.'s (TADCO) logo

Tabuk Agricultural Development Co. (TADCO) issued prospectus for its SAR 150 million rights issue through offering 15 million shares, the company said in a bourse filing.

 

The offering price was set at SAR 10 per share, to increase capital by 62.04%, from SAR 241.77 million to SAR 391.77 million.

 

On Feb. 8, 2021, the Capital Market Authority (CMA) approved TADCO’s request to increase its capital through a SAR 150 million rights issue, Argaam reported.

 

 

Capital Hike Details

Current Capital

SAR 241.77 mln

Number of shares

24.18 mln shares

Capital hike percentage

62.04% of issued capital

Capital after increase

SAR 391.77 mln

Number of shares after increase

39.18 mln shares

Rights Issue Details

Number of rights shares

15  million shares

Offering price per share

SAR 10

Issue size

SAR 150 mln

Record date

Shareholders of record by the close of trading on the second day following the EGM date

Rights issue proceeds

SAR 62 mln to pay company’s debts and creditors

SAR 47 mln to acquire income-generating real estate assets

SAR 33 mln to be spent on operations and agricultural plan

SAR 8 mln as IPO expenses

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