TADCO to vote on selling Masader Agricultural stake for SAR 7M on Sept. 25

Logo of Tabuk Agricultural Development Co. (TADCO)

Shareholders of Tabuk Agricultural Development Co. (TADCO) will vote on the board of directors’ recommendation to exit its 60% shareholding in Masader Agricultural Feed Mill Ltd.
 

In a statement to Tadawul, TADCO said the stake will be sold to shareholder Ahmed Hussein Al-Omari for SAR 7 million, including the factory owned by Ahmed Hussein Al-Omari Foundation, in which TADCO also has a 60% stake.
 

The deal will lead to stopping the ongoing losses, which average SAR 4 million annually, and generating liquidity worth SAR 7 million from the divestiture. This is in addition to recording net earnings worth SAR 9.6 million that will be reportd directly in the profit or loss statement.

Shareholders rejected in two successive meetings in October and December 2023 the board of directors' recommendation to sell the company's entire 60% stake in Masader to shareholder Ahmed Al-Omari for SAR 8 million, including the factory owned by Ahmed Hussein Al-Omari Foundation, according to data available with Argaam.