Tabuk Agricultural uses SAR 38.8 mln of rights issue proceeds

Tabuk Agriculture Development Co. (TADCO) has used SAR 38.8 million from proceeds generated from a rights issue as of June-end, the company said in a statement to Tadawul on Sunday.  

Expenses related to the rights offering expenses amounted to SAR 14.9 million, down from the SAR 16 million as stated in its prospectus.

The company spent a total of SAR 1.9 million on its crop production project in Sudan—which is 18 percent complete—compared to SAR 140 million as stated in the prospectus.

As for its French fries plant, which is 36 percent completed, the company used SAR 1.41 million, down from estimated SAR 9.52 million.

In addition, TADCO spent SAR 9.35 million and SAR 0.74 million on its fodder and olive pressing facility, compared to SAR 26.7 million and SAR 16.7 million, respectively as included in the original prospectus.

The fodder plant is 48 percent completed, while the olive facility is 18 percent done, the statement added.