TADCO says capital cut proposal subject shareholders approval
Tabuk Agricultural Development Co. (TADCO) submitted on June 17 a capital reduction application to the Capital Market Authority (CMA). 
The proposed capital reduction remains subject to the required regulatory approvals, including shareholders, TADCO said in a statement to Tadawul.
The company will announce any future developments regarding the matter as they become available.
According to Argaam data, TADCO’s board decided in May to amend its recommendation to reduce the company’s capital to 80.47%, instead of the previously proposed 77.41%.
The decision was based on the financial results for the first quarter ended March 31, as part of a capital restructuring plan aimed at offsetting SAR 315.24 million in accumulated losses.
The capital reduction will be implemented through the cancellation of 31.52 million shares, equivalent to 0.8047 shares for every share held.
TADCO says capital cut proposal subject shareholders approval
Tabuk Agricultural Development Co. (TADCO) submitted on June 17 a capital reduction application to the Capital Market Authority (CMA).
The proposed capital reduction remains subject to the required regulatory approvals, including shareholders, TADCO said in a statement to Tadawul.
The company will announce any future developments regarding the matter as they become available.
According to Argaam data, TADCO’s board decided in May to amend its recommendation to reduce the company’s capital to 80.47%, instead of the previously proposed 77.41%.
The decision was based on the financial results for the first quarter ended March 31, as part of a capital restructuring plan aimed at offsetting SAR 315.24 million in accumulated losses.
The capital reduction will be implemented through the cancellation of 31.52 million shares, equivalent to 0.8047 shares for every share held.
