Tabuk Agricultural Development Co.'s (TADCO) logo
Tabuk Agricultural Development Co. (TADCO) issued prospectus for its SAR 150 million rights issue through offering 15 million shares, the company said in a bourse filing.
The offering price was set at SAR 10 per share, to increase capital by 62.04%, from SAR 241.77 million to SAR 391.77 million.
On Feb. 8, 2021, the Capital Market Authority (CMA) approved TADCO’s request to increase its capital through a SAR 150 million rights issue, Argaam reported.
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Capital Hike Details |
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Current Capital |
SAR 241.77 mln |
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Number of shares |
24.18 mln shares |
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Capital hike percentage |
62.04% of issued capital |
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Capital after increase |
SAR 391.77 mln |
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Number of shares after increase |
39.18 mln shares |
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Rights Issue Details |
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Number of rights shares |
15 million shares |
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Offering price per share |
SAR 10 |
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Issue size |
SAR 150 mln |
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Record date |
Shareholders of record by the close of trading on the second day following the EGM date |
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Rights issue proceeds |
SAR 62 mln to pay company’s debts and creditors |
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SAR 47 mln to acquire income-generating real estate assets |
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SAR 33 mln to be spent on operations and agricultural plan |
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SAR 8 mln as IPO expenses |
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