NADEC to start rights trading, subscription to new shares on Nov. 9

06/11/2023 Argaam
Logo ofNational Agricultural Development Co.(NADEC)

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.

 

Capital Increase Details

Current Capital  

SAR 1.016 bln

No. of shares

101.64 mln shares

New Capital

SAR 3016.4 mln

Number of Shares

301.64 mln shares

Percentage Increase

196.8%

 

Rights Issue Details

Offered shares

200 mln shares

Offer Price

SAR 10

Size of issue

SAR 2 bln

Eligibility ratio

Each listed shareholder shall have the right to subscribe to 1.9677 shares per each owned share.

Expected usage of rights issue proceeds

Expanding in dairy, juices and agricultural products segments

800

Entry into new segments

250

Paying off debts

730

Financing general requirements

200

Offering costs

20

Total

2000

 

 

 

Additional Information

Financial Advisor and Lead Manager

Riyad Capital

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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