Tabuk Agricultural Development Co.’s (TADCO) board of directors recommended on Feb. 26 raising capital through SAR 100 million rights issue, the company said in a bourse filing.
The capital hike aims to finance the company’s future plans and expansions. It also aims to restructure capital and inject fresh funds to support the company’s strategic plan, enhance its solvency and working capital.
Shareholders of record on the second day after the extraordinary general meeting will be entitled to subscribe to the offering.
The decision is subject to the approval of regulatory authorities and the company’s extraordinary general meeting.
A financial advisor for the capital hike will be appointed later, the statement added.
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