Riyadh – Mubasher: The equityholders of Tabuk Agricultural Development Company (TADCO) agreed on increasing the capital by SAR 150 million or 62.04% through a rights issue at a par value of SAR 10 per share, according to a bourse disclosure.
The company will offer 0.62 share per each original share to raise the capital to SAR 391.76 million that will be distributed over 39.17 million shares. This is compared to SAR 241.76 million and 24.17 million shares prior to the increase.
TADCO will raise its capital to spend it on operating activities and its agricultural plan in addition to repaying debts and loans. The company also aims to acquire income-generating real estate business.
During the third quarter of 2020, the company registered an annual decline of 88.6% in losses to SAR 6.233 million.