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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Key Figures of the Capital Increase |
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Current Capital |
SAR 241.77 mln |
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Number of shares |
24.17 mln |
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Capital post increase |
SAR 391.77 mln |
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New number of shares |
39.17 mln |
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Record date |
April 6, 2021 (Those registered in the shareholders’ registry at the Securities Depository Center (Edaa) by the close of trading on the second day following the EGM) |
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Method |
Offering and listing rights issue shares amounting to 15 million ordinary shares |
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Rights Issue |
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Number of shares |
15 mln |
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Rights issue price |
SAR 10/share |
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Rights issue size |
SAR 150 mln |
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Start of shares subscription and trading period |
April 12, 2021 |
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End of trading period |
April 19, 2021 |
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End of subscription period |
April 22, 2021 |
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Record date |
April 6, 2021 |
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Use of proceeds |
- To spend on operating and agricultural plan (planting wheat seeds and fruits, operation and management of the agricultural process, including maintenance of equipment deployed for planting, harvesting, irrigation and transporting of crops). - To repay debts and loans of the company and to acquire income-generating real estate business. |
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