Saudi market regulator approves NADEC capital raise

Saudi Arabia’s market regulator, the Capital Market Authority (CMA) Board approved on Monday the National Agriculture Development Company’s (NADEC) request to raise its capital from SAR 700 million to SAR 770 million.

The company plans to issue one bonus share for every ten existing shares owned by registered shareholders by the date of the extraordinary general assembly meeting.

The company will transfer SAR 70 million from its retained earnings account to its capital to pay for the increase.

Shares will be increased from 70 million to 77 million.

Bonus shares eligibility is limited to shareholders who are listed in the company’s registry at the close of trading on the day of the extraordinary general assembly, which will be determined later by the company's board.