Logo of National Agricultural Development Co. (NADEC)
National Agricultural Development Co. (NADEC) announced the updated prospectus for its capital increase through a SAR 2 billion rights offering.
The period of rights trading and subscription to new shares will start on Nov. 9. The rights trading period will end on Nov. 16, while subscription to new shares will run till Nov. 21, 2023.
The final allocation of shares will be announced no later than Nov. 29, the company added.
Refunds, if any, will be paid to eligible investors who did not take any procedure during the period of rights trading and subscription to new shares, or sell priority rights, and to those eligible for share fractions no later than Dec. 11, 2023.
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Capital Increase Details |
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Current Capital |
SAR 1.016 bln |
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No. of shares |
101.64 mln shares |
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New Capital |
SAR 3016.4 mln |
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Number of Shares |
301.64 mln shares |
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Percentage Increase |
196.8% |
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Rights Issue Details |
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Offered shares |
200 mln shares |
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Offer Price |
SAR 10 |
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Size of issue |
SAR 2 bln |
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Eligibility ratio |
Each listed shareholder shall have the right to subscribe to 1.9677 shares per each owned share. |
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Expected usage of rights issue proceeds |
Expanding in dairy, juices and agricultural products segments |
800 |
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Entry into new segments |
250 |
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Paying off debts |
730 |
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Financing general requirements |
200 |
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Offering costs |
20 |
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Total |
2000 |
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Additional Information |
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Financial Advisor and Lead Manager |
Riyad Capital |
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Underwriters |
Riyad Capital - Al Rajhi Capital - SNB Capital |
NADEC shareholders approved capital increase via a SAR 2 billion rights issue, during the extraordinary general meeting (EGM) held on Nov. 5, according to Argaam's data.
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