NADEC receives CMA nod to increase capital to SAR 1.02 bln

28/11/2019 Argaam

 

The Capital Market Authority (CMA) approved National Agricultural Development Company’s (NADEC) request to increase its capital from SAR 847 million to SAR 1.02 billion through the issue of 1 bonus share for every 5 shares held.

 

The company will recapitalize SAR 169.4 million from its retained earnings to fund the capital increase, the market regulator said in a statement.

 

The number of shares will increase to 101.64 million from 84.7 million shares.

 

Shareholders registered in the Security Depository Center on the second trading day after the due date, to be determined later by the NADEC board, will be eligible for the capital increase.

 

The extraordinary general assembly should be held within six months from this approval date and the company should satisfy all regulatory requirements and applicable laws, the statement added.

 

Earlier in November, NADEC’s board of directors recommended a 20% capital increase through bonus shares, data compiled by Argaam showed.

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