Tabuk Agricultural ​rights issue​ 381.7% subscribed

Tabuk Agricultural Development’s rights issue raised nearly SAR83.4 million through offering 5.63 million shares to institutional investors at SAR 14.82 per share, according to Falcom Financial Services, the lead manager ​and underwriter ​

of the offering.

The bourse-listed company’s offering was 381.72 percent covered, Falcom added.

Refunds and share fractions amounted to SAR 27.14 million, or SAR 4.82 per share, Adeeb Al-Sowailim, chief executive officer told Argaam.

The Saudi-based company had launched the rights issue to increase its capital to SAR 250 million, or by 77.49 percent, according to data available on Argaam.