Tabuk rights issue oversubscribed by 77.5 percent

29/01/2015 Argaam

Tabuk Agricultural Development Company (Tadco) said on Thursday that its rights issue ha

​s ​

been oversubscribed through the first and second stages by 77.49 percent.

The company offered 19.37 million shares for a total of SAR 193.7 million.

During the first stage, seven million shares were sold at a value of SAR 70.2 million. The rights issue at this stage was 28.07 percent oversubscribed.

The second phase saw 12.35 million shares sold for a value of SAR 13.5 million, according to Adeeb Abdul Rahman Al Swailem, chief executive and board member of Falcom Financial Services, which is the financial advisor of Tadco’s rights issue.

Al Swailem added that unsubscribed shares— or rump shares— in both stages will be offered on Sunday to institutional investors with the minimum offer price.

The rump shares shall be allocated to institutional investors with the highest offer. Fractional shares shall be added to the rump shares and treated in the same manner.

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