TADCO to vote on stake sale in Masader Agricultural on Oct. 25

Logo of Tabuk Agricultural Development Co.

Tabuk Agricultural Development Co.’s (TADCO) shareholders will vote on the board’s recommendation to sell its entire ownership of 60% in Masader Agricultural Feed Mill Ltd. Co. for SAR 8 million, according to a statement to Tadawul.

The voting will be held during the ordinary general meeting (OGM), slated for Oct. 25.

The stake, including the factory owned by Ahmed Hussein Al-Omari Foundation, will be sold to partner Ahmed Hussein Al-Omari. This came as the company was unable to transfer the ownership of Al-Omari’s factory to Masader, and the continuous observations from the external auditor in this regard.

If the factory’s ownership is not transferred before the end of 2023, the auditors may issue a qualified report.

The board of directors will be authorized to finalize the related measures, and the deal will likely reflect positively on TADCO consolidated statement of income.

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