The National Agricultural Development Co.’s (NADEC) shareholders approved, during the extraordinary general assembly meeting held on May 5, 2020, the capital increase from SAR 847 million to SAR 1.016 billion through issuance of 20% bonus shares.
|
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 |
May 5, 2020 |
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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. |
The Saudi Stock Exchange (Tadawul) said that the fluctuation limits for NADEC today, May 6, will be based on a share price of SAR 22.50.
The Securities Depository Center (Edaa) will deposit the additional shares into investor’s portfolios by Sunday May 10.
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