Tabuk Agricultural Development Co. (TADCO) has completed the last phase of its rights issue which was 381.72% oversubscribed, said FALCOM Financial Services, lead manager, underwriter and financial advisor.

During this stage, 5.6 million shares were offered at an average selling price of SAR 14.82 each.

FALCOM CEO Adeeb Al-Sowailim said the proceeds of selling remaining and fractional shares reached almost SAR 83,412,577. He added that the net compensation amounts for priority rights holders reached SAR 27.13 million, or SAR 4.82 a share.

The extraordinary general meeting, held on January 6, had approved increasing capital by 125% from SAR 200 million to SAR 450 million through offering rights issue shares at SAR 10 each.