NADEC recommends 20% capital hike through bonus shares

10/11/2019 Argaam

 

The National Agricultural Development Co.’s (NADEC) board of directors has recommended a 20 percent capital hike to SAR 1.016 billion from SAR 847 million through the issue bonus shares.

 

The capital hike aims to match the company’s share capital to its assets level and support its future investments.

 

The process is pending approval from the general assembly and regulator. 

 

Key Figures of the Capital Hike

Current Capital

SAR 847 mln

Number of shares

84.7 mln

Hike (%)

20% (1 share for every 5 shares)

New Capital

SAR 1.016 bln

New number of shares

101.64 mln

Record date

General assembly meeting

Driver

To match the company’s share capital to its assets level and support its future investments.

Method

Through capitalizing SAR 169.4 mln from retained earnings account.

 

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