Riyadh - Mubasher: Tabuk Agriculture Development Company (TADCO) on Sunday announced the establishment of a closed company for its compound cattle and animal feed plant.

The new company’s capital amounts to SAR 25 million, TADCO said in a statement, indicating that the incorporation papers were signed on Thursday, 19 October.

This new company comes as part of TADCO’s plan to increase its capital, which was raised in 2015.

The total value allocated to the new plant is SAR 26.69 million, the company added.

TADCO last reported narrowing its losses by 53.5% year-on-year to SAR 2.15 million in the second quarter of 2017 from SAR 4.61 million.