Tabuk Agricultural Development Co. (TADCO) said the rights issue remaining shares were 596.8% oversubscribed, according to a bourse filing.

 

TADCO’s rights issue was 82.06% subscribed, as subscribers injected SAR 123.1 million in 12.31 million shares.

 

The subscription period started on April 12, 2021, to increase the company’s capital from SAR 241.77 million to SAR 391.77 million through a rights issue of 15 million shares at SAR 10 per share, Argaam reported.

 

Rights Issue Details

Number of rights issue shares

15 mln shares

Number of remaining shares

2.69 mln

Date of remaining shares offering

April 27-28, 2021

Number of subscribed shares

2.69 mln

Coverage ratio

596.8%

Total proceeds

SAR 61.72 mln

Average price

SAR 22.94 per share

Net sale fractions

SAR 34.80 mln

Date of depositing shares in eligible accounts

May 6, 2021

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