Logo of National Agricultural Development Co. (NADEC)
National Agricultural Development Co.'s (NADEC) shareholders will discuss increasing capital via a rights issue worth SAR 2 billion, during an extraordinary general meeting (EGM) to be held on Nov. 5, according to a Tadawul statement.
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Capital Hike Details |
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Current Capital |
SAR 1.01 bln |
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Number of Shares |
101.64 mln |
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Capital after Increase |
SAR 3.01 bln |
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Number of Shares after Increase |
301.6 mln |
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Hike Percentage |
196% (1.96 shares for each share) |
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Method of Increase |
Issuance of 200 mln shares |
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Reason |
Helping the company implement its strategic and operational plans as well as boosting its future activities |
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Record Date |
Nov. 5 (Shareholders of record registered with Edaa at the end of the second trading day following the EGM date) |
In a statement to Tadawul, the company added that the meeting agenda includes amending the company's bylaws to go in line with the New Company Law, as well as rearranging and numbering the bylaws articles to align with the proposed amendments.
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