Logo ofTabuk Agricultural Development Co. (TADCO)
Tabuk Agricultural Development Co. (TADCO) announced the board approval today, April 27, on the appointment of Wasatah Capital as financial advisor on its planned capital reduction. 
In a Tadawul statement, the company said it will announce in due course upon submission of the capital reduction application file to the Capital Market Authority (CMA). It will also disclose any material developments related to the capital reduction process in a timely manner, in accordance with the applicable laws and regulations.
According to Argaam‘s data, TADCO’s board proposed earlier this month reducing capital by 77.41% from SAR 391.77 million to SAR 88.48 million to amortize accumulated losses.
Capital Reduction Details
Current Capital
SAR 391.77 mln
Number of Shares
39.18 mln
New Capital
SAR 88.48 mln
New Number of Shares
8.84 mln
Reduction (%)
77.41%
Method
Writing off 30.33 mln shares at 0.7741 share per every one held
Reason
To restructure the company’s capital to amortize accumulated losses
Date of Reduction
End of second trading day after the deciding EGM date
Logo ofTabuk Agricultural Development Co. (TADCO)
Tabuk Agricultural Development Co. (TADCO) announced the board approval today, April 27, on the appointment of Wasatah Capital as financial advisor on its planned capital reduction.
In a Tadawul statement, the company said it will announce in due course upon submission of the capital reduction application file to the Capital Market Authority (CMA). It will also disclose any material developments related to the capital reduction process in a timely manner, in accordance with the applicable laws and regulations.
According to Argaam‘s data, TADCO’s board proposed earlier this month reducing capital by 77.41% from SAR 391.77 million to SAR 88.48 million to amortize accumulated losses.
Capital Reduction Details
Current Capital
SAR 391.77 mln
Number of Shares
39.18 mln
New Capital
SAR 88.48 mln
New Number of Shares
8.84 mln
Reduction (%)
77.41%
Method
Writing off 30.33 mln shares at 0.7741 share per every one held
Reason
To restructure the company’s capital to amortize accumulated losses
Date of Reduction
End of second trading day after the deciding EGM date
