Tabuk Agriculture Development Co. (TADCO) has capitalized on SAR 23.8 million from proceeds generates from a rights issue held earlier this year, the company said in a statement.

Costs associated with the offering amounted to SAR 14.9 million, down from the SAR 16 million originally stated in its prospectus.

TADCO also gave an update on developments surrounding its crop production project in Sudan. The firm said orders were placed to buy relevant equipment, while it had also begun recruiting administrative staff.

The company added that the first phase of its mix-fodder project will be completed in the fourth quarter of this year. It will also select a bidder for its olive press unit in third quarter.