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TADCO to offset SAR 68m of accumulated losses

TADCO to offset SAR 68m of accumulated losses
TADCO’s accumulated losses reached SAR 86.54 million by the end of last year
TADCO
6040
-5.27% 25.15 -1.40

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.