TADCO launches rights trading, subscription today

Logo of TADCO

Tabuk Agricultural Development Co. (TADCO) subscription to new shares and the rights trading begins today, April 12, 2021, to increase capital from SAR 241.77 million to SAR 391.77 million.

Rights trading will end on April 19, while subscription to the new shares will close on April 22.

TADCO is offering 15 million shares at SAR 10 each. Every registered shareholder is eligible for 0.62 right for every share held.

Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares and share fractions, if any, will be reoffered to institutional investors.

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

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 company said.

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