TADCO shareholders to vote on capital hike via SAR 150 mln rights issue on April 6

14/03/2021 Argaam

Logo of Tabuk Agricultural Development

Tabuk Agricultural Development Co.’s (TADCO) shareholders are set to vote on a capital hike through a SAR 150 million rights issue, during the extraordinary general meeting (EGM) that will be held on April 6, 2021.

 

Key Figures of the Capital Increase

Current Capital

SAR 241.77 mln

Number of shares

24.17 mln shares

Capital post increase

SAR 391.77 mln

New number of shares

39.17 mln

Record date

April 6, 2021 (Those registered in the shareholders’ registry at the Securities Depository Center (Edaa) by the close of trading on the second day following the EGM

Method

Offering and listing rights issue shares amounting to 15 million ordinary shares

Reason

- To spend on operating and agricultural plan (planting wheat seeds and fruits, operation and management of the agricultural process, including maintenance of equipment deployed for planting, harvesting, irrigation and transporting of crops).

- To repay debts and loans of the company and to acquire income-generating real estate business.
 

According to data compiled by Argaam, TADCO postponed its first and second extraordinary general assembly meetings, slated for July 26, 2020, due to lack of quorum.

 

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