TADCO to boost fodder, flour milling investments to SAR 60 mln

Tabuk Agricultural Development Co. (TADCO) will tap the flour milling industry and boost its investments in fodder production to a maximum of SAR 60 million.

For these investments, TADCO is planning to acquire stakes in existing entities instead of establishing new ones to fast-track the use of proceeds, the company said in a bourse statement on Wednesday.

Last October, the agricultural firm approved setting up a mixed fodder company with capital of SAR 25 million, Argaam reported.

The project is one of the four projects, which was listed in TADCO’s prospectus to raise capital through a rights issue. It was expected to cost SAR 26.69 million.