Tabuk Agricultural Development Co. (TADCO) announced that the number of subscribed shares during its two-phase rights issue amounted to 19.37 million, totaling SAR 193.7 million, with 77.49% coverage.

Adeeb Al Sowailim, CEO of financial advisor, lead manager and underwriter FALCOM Financial Services said a total of 7.01 million shares were subscribed to during phase one, at a value reaching SAR 70.18 million, with 28.07% coverage.

Meanwhile, the second phase saw subscription to 12.35 million shares worth SAR 123.5 million, with 49.42% coverage.

Al Sowailim added that remaining shares will be re-offered at offer price at a minimum starting Sunday February 1 till February 2.

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