NADEC to start rights trading, subscription to new shares on Nov. 9

Logo of National Agricultural Development Co. (NADEC)

National Agricultural Development Co. (NADEC) announced the updated prospectus for its capital increase through a SAR 2 billion rights offering.

The period of rights trading and subscription to new shares will start on Nov. 9. The rights trading period will end on Nov. 16, while subscription to new shares will run till Nov. 21, 2023.

The final allocation of shares will be announced no later than Nov. 29, the company added.

Refunds, if any, will be paid to eligible investors who did not take any procedure during the period of rights trading and subscription to new shares, or sell priority rights, and to those eligible for share fractions no later than Dec. 11, 2023.

Capital Increase Details
Current Capital	SAR 1.016 bln
No. of shares	101.64 mln shares
New Capital	SAR 3016.4 mln
Number of Shares	301.64 mln shares
Percentage Increase	196.8%

Rights Issue Details
Offered shares	200 mln shares
Offer Price	SAR 10
Size of issue	SAR 2 bln
Eligibility ratio	Each listed shareholder shall have the right to subscribe to 1.9677 shares per each owned share.
Expected usage of rights issue proceeds	Expanding in dairy, juices and agricultural products segments	800
	Entry into new segments	250
	Paying off debts	730
	Financing general requirements	200
	Offering costs	20
	Total	2000

Additional Information
Financial Advisor and Lead Manager	Riyad Capital
Underwriters	Riyad Capital - Al Rajhi Capital - SNB Capital

NADEC shareholders approved capital increase via a SAR 2 billion rights issue, during the extraordinary general meeting (EGM) held on Nov. 5, according to Argaam's data.

For More IPOs

Prospect

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Most Read

Market Indices

Quotes

Popular Links

Quick Links

About Us

Join Us

Follow Us