NADEC shareholders approve capital increase via SAR 2 bln rights issue

06/11/2023 Argaam
Logo ofNational Agricultural Development Co.(NADEC)

Logo of National Agricultural Development Co. (NADEC)

National Agricultural Development Co.’s (NADEC) shareholders approved capital increase via a SAR 2 billion rights issue, during the extraordinary general meeting (EGM) held on Nov. 5, according to a statement to Tadawul.

 

Capital Increase Details

Current Capital

SAR 1.01 bln

No. of Shares

101.64 mln

New Capital

SAR 3.01 bln

No. of Shares

301.64 mln

Percentage of Increase

196.77% (1.9677 share for every existing share)

Method

Issue of 200 mln shares

Reason

To fulfill strategic and operating plans; Support future activities    

Record Date

Nov. 5, 2023, for shareholders of record and those registered with Edaa on the second trading day following the EGM
 

Fluctuation limits on Nov. 6 will be calculated based on a share price of SAR 22.54 and the outstanding orders will be canceled.

 

NADEC rights will be deposited into applicable investor portfolios on Nov. 8.

 

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