Riyadh – Mubasher:  The board of directors of the National Agricultural Development Company (NADEC) has recommended a 20% capital rise through bonus shares.

The company’s capital will be SAR 1.01 billion instead of SAR 847 million, according to a bourse statement on Sunday.

The capital increase aims to match the company’s share capital to the level of its assets and support its future investments through capitalizing SAR 169.4 million from retained earnings account.

The action is pending approval from the general assembly and regulator.