Shareholders of Tabuk Agricultural Development Co. (TADCO) approved on March 18 a 46.3% capital cut to SAR 241.77 million from SAR 450 million, the company said in a bourse statement on Thursday.
The move aims to offset the company’s SAR 208.23 million accumulated losses.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation daily limit for TADCO will be based on a share price of SAR 14.90.
The company will also be suspended for two business days starting from today, March 19 until the Securities Depository Center Co. (Edaa) reflects shares reduction on investors’ portfolios.
Trading suspension on TADCO shares will be lifted at the end of Sunday, March 22.
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Key Figures of the Capital cut |
|
|
Current Capital |
SAR 450 mln |
|
Number of shares |
45 mln shares |
|
Reduction percentage (%) |
46.27% (0.46 share for every 1 share held) |
|
New Capital |
SAR 241.77 mln |
|
New number of shares |
24.18 mln shares |
|
Method |
Writing off 20.82 mln shares |
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Purpose |
Offsetting SAR 208.23 million accumulated losses |
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Capital cut date |
March 18 |
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