CMA approves TADCO’s capital hike through SAR 150 mln rights issue

Tabuk Agricultural Development Co.'s logo

The Capital Market Authority (CMA) approved Tabuk Agricultural Development Co.’s (TADCO) request to increase its capital through a SAR 150 million rights issue.

The increase will be limited to shareholders registered at the Security Depository Center (Edaa) as of the closing of the second trading day after the extraordinary general assembly meeting, which will be determined by the company’s board of directors at a later date, the market regulator said in a statement.

The offering price and the number of shares offered for subscription will be determined by the company after market closing of the same day in which the extraordinary general assembly meeting is to be held, the statement added.

In October 2020, TADCO submitted a request to increase capital through a SAR 100 million rights issue to the Capital Market Authority (CMA), according to data compiled by Argaam.

Later in December, the company’s board of directors amended its recommendation on increasing capital to SAR 150 million instead of SAR 100 million through offering rights issue shares.

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