The National Agricultural Development Co.’s (NADEC) board of directors has recommended a 20 percent capital hike to SAR 1.016 billion from SAR 847 million through the issue bonus shares.
The capital hike aims to match the company’s share capital to its assets level and support its future investments.
The process is pending approval from the general assembly and regulator.
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Key Figures of the Capital Hike |
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Current Capital |
SAR 847 mln |
|
Number of shares |
84.7 mln |
|
Hike (%) |
20% (1 share for every 5 shares) |
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New Capital |
SAR 1.016 bln |
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New number of shares |
101.64 mln |
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Record date |
General assembly meeting |
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Driver |
To match the company’s share capital to its assets level and support its future investments. |
|
Method |
Through capitalizing SAR 169.4 mln from retained earnings account. |
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