Tabuk Agricultural gets CMA nod on 46.3% capital cut

The Capital Market Authority (CMA) approved Tabuk Agricultural Development Company's request to reduce its capital from SAR 450 million to SAR 241.767 million, the market regulator said in a statement.

Accordingly, the number of shares will be reduced from 45 million shares to 24.18 million shares.

The approval is subject to Tabuk shareholder’s approval and completion of the necessary procedures.

Last October, the company’s board of directors recommended reducing capital by 46.27% to offset accumulated losses of SAR 208.23 million, Argaam earlier reported.

In 2015, the company increased its capital from SAR 200 million to SAR 450 million through a right issue.