Riyadh – Mubasher: The extraordinary general meeting (EGM) of National Agricultural Development Company (NADEC) has approved the Board of Directors’ recommendation to increase the company's capital by 20%.

The SAR 169.4 million increase in capital will be by financed from the company’s earnings account, according to a statement on Wednesday.

The company's capital will increase from SAR 847 million to SAR 1.016 billion, with the number of shares being raised from 84.7 million shares to 101.64 million shares.

The company will distribute 16.94 million shares as bonus shares, or one bonus share for every five original shares held by shareholders.

The fluctuation limits for the company’s stock on Wednesday will be based on a share price of SAR 22.50, according to the Saudi Stock Exchange (Tadawul).