Tabuk Agricultural Development Co. (TADCO) has appointed, on Wednesday, Wasatah Capital as financial advisor for its prospective capital cut, the company said in a bourse statement.

 

Submitting the capital cut file to the Capital Market Authority (CMA) and any updates regarding this matter will be announced in a timely manner, the statement added.

 

TADCO’s board of directors has recommended a 46.27% capital cut to SAR 241.77 million from SAR 450 million to offset accumulated losses, Argaam reported earlier.

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