Tabuk Agriculture is to re-submit the capital raise request to the CMA after completing required procedures

Tabuk Agriculture Development Company is to resubmit the capital raise request to the Capital Market Authority (CMA) after completing the final drafts of financial and legal due diligence tests and the consolidated feasibility study with its financial advisors in addition to updating prospectus as a prelude to publishing final reports before the end of Q2-2014; the company said in its filing to Tadawul today.

According to data available by Argaam; the Company withdrew the capital raise request last month for the completion of required procedures.

Falcom Financial Services was appointed in 2010 by Tabuk Agriculture’s BOD to study a capital raise of SAR 200m through a rights issue. In July 2013, the board recommended raising the company’s capital by SAR 300m.