NADEC says 80.73% coverage of rights issue

22/11/2023 Argaam
Logo ofNational Agricultural Development Co. (NADEC)

Logo of National Agricultural Development Co. (NADEC)

National Agricultural Development Co. (NADEC) announced today, Nov. 22, the results of rights trading and subscription to new shares, as well as the details of the rump offering.

 

Subscription Details

Number of offered shares

200 mln

Shares subscribed  

161.47 mln

Value of shares subscribed  

SAR 1.61 mln

Coverage

80.73%

Shares remaining

38.53 mln

Unsubscribed shares sale date

Nov. 26-27, 2023
 

Rump shares will be offered to a number of institutional investors, provided the institutions submit purchase offers for such shares, NADEC said in a statement to Tadawul. Rump shares will be allocated to institutional investors pro rata.

 

The remaining shares, if any, will be allocated to the underwriter who will buy them at the offering price, the statement noted

 

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