Riyadh – Mubasher: The board of Tabuk Agricultural Development Company (TADCO) gave the green light for using the statutory reserve of SAR 68.01 million to amortise part of the accumulated losses, according to a bourse disclosure on Tuesday.

By the end of December 2020, TADCO’s accumulated losses have reached SAR 86.54 million, which represented 35.8% of the capital.

The move will cut accumulated losses to SAR 18.52 million.

Last month, TADCO’s shareholders approved a capital increase by SAR 150 million through a rights issue.