TADCO says rights trading, subscription to start on April 12

Logo of Tabuk Agricultural Development Co.

Tabuk Agricultural Development Co. (TADCO) said subscription to new shares and the rights trading will start on April 12, 2021.

Rights trading will end on April 19, and subscription to the new shares will close on April 22, the company said in a bourse statement.

Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.

Investors not willing to subscribe to the offering should note the importance of selling the rights they hold during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the statement added.

In case of under subscription, the financial advisor, lead manager and underwriter, Wasatah Capital will subscribe to these rights.

On Tuesday, TADCO’s 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, Argaam earlier reported.

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
Rights Issue
Number of shares	15 mln
Rights issue price	SAR 10/share
Rights issue size	SAR 150 mln
Start of shares subscription and trading period	April 12, 2021
End of trading period	April 19, 2021
End of subscription period	April 22, 2021
Record date	April 6, 2021
Use of proceeds	- 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.

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