Logo of Tabuk Agricultural Development

Tabuk Agricultural Development Co.’s (TADCO) shareholders approved the board’s recommendation on capital hike from SAR 241.77 million to SAR 391.77 million through a SAR 150 million rights issue, during the extraordinary general meeting (EGM) held on April 6, 2021.

 

Tabuk Agricultural's fluctuation limit for its capital increase will be based on a share price of SAR 27.55. The Securities Depository Center (Edaa) will deposit the company rights into the investor’s portfolios by Sunday April 11, 2021.

 

Key Figures of the Capital Increase

Current Capital

SAR 241.77 mln

Number of shares

24.17 mln 

Capital post increase

SAR 391.77 mln

New number of shares

39.17 mln

Record date

April 6, 2021 (Those registered in the shareholders’ registry at the Securities Depository Center (Edaa) by the close of trading on the second day following the EGM)

Method

Offering and listing rights issue shares amounting to 15 million ordinary shares

Reason

- To spend on operating and agricultural plan (planting wheat seeds and fruits, operation and management of the agricultural process, including maintenance of equipment deployed for planting, harvesting, irrigation and transporting of crops).

- To repay debts and loans of the company and to acquire income-generating real estate business.

 

In a separate statement, the Saudi Stock Exchange (Tadawul) announced that TADCO’s fluctuation limit after its capital increase will be based on a share price of SAR 27.55.

 

The Securities Depository Center (Edaa) will deposit the company rights into the investor’s portfolios on Sunday, April 11, 2021.

 

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TADCO shareholders to vote on capital hike via SAR 150 mln rights issue on April 6

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