TADCO says rights trading, subscription to start on April 12

Logo of Tabuk Agricultural Development Co.

Tabuk Agricultural Development Co. (TADCO) said subscription to new shares and the rights trading will start on April 12, 2021.

Rights trading will end on April 19, and subscription to the new shares will close on April 22, the company said in a bourse statement.

Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.

Investors not willing to subscribe to the offering should note the importance of selling the rights they hold during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the statement added.

In case of under subscription, the financial advisor, lead manager and underwriter, Wasatah Capital will subscribe to these rights.

On Tuesday, TADCO’s shareholders approved the board’s recommendation on capital hike from SAR 241.77 million to SAR 391.77 million through a SAR 150 million rights issue, Argaam earlier reported.

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