TADCO issues prospectus for SAR 150 mln rights issue
Tabuk Agricultural Development Co.'s (TADCO) logo
Tabuk Agricultural Development Co. (TADCO) issued prospectus for its SAR 150 million rights issue through offering 15 million shares, the company said in a bourse filing.
The offering price was set at SAR 10 per share, to increase capital by 62.04%, from SAR 241.77 million to SAR 391.77 million.
On Feb. 8, 2021, the Capital Market Authority (CMA) approved TADCO’s request to increase its capital through a SAR 150 million rights issue, Argaam reported.
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Capital Hike Details |
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Current Capital |
SAR 241.77 mln |
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Number of shares |
24.18 mln shares |
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Capital hike percentage |
62.04% of issued capital |
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Capital after increase |
SAR 391.77 mln |
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Number of shares after increase |
39.18 mln shares |
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Rights Issue Details |
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Number of rights shares |
15 million shares |
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Offering price per share |
SAR 10 |
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Issue size |
SAR 150 mln |
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Record date |
Shareholders of record by the close of trading on the second day following the EGM date |
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Rights issue proceeds |
SAR 62 mln to pay company’s debts and creditors |
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SAR 47 mln to acquire income-generating real estate assets |
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SAR 33 mln to be spent on operations and agricultural plan |
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SAR 8 mln as IPO expenses |
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