TADCO shareholders approve changing aspects of spending capital hike proceeds

Logo of Tabuk Agricultural Development Co. (TADCO)

Tabuk Agricultural Development Co.’s (TADCO) shareholders approved changing the aspects of spending capital hike proceeds, during the ordinary general meeting (OGM), held on Feb. 14, the company said in a bourse filing.

Shareholders approved redirecting SAR 47 million allocated for the acquisition of income-generating real estate businesses to spending on operational and investment activities for the company.

Shareholders also ratified increasing the number of audit committee seats from three to five through appointing Al-Mutasembilla Allam (non-executive) and Majid Ahmed Al Suwaigh (independent) starting from the date of the OGM approval until the end of the current committee’s term on June 30, 2024.

In April 2021, TADCO 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 reported.

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