Tabuk Agricultural shareholders to vote on 52.9% capital cut on Dec. 10

The company emphasized that the capital reduction will have no impact on its financial obligations, operations, financial performance, or regulatory status.
 

The EGM will also vote on the cancellation of the Ordinary General Assembly’s resolution held on Sept. 25, 2024 regarding the approval of the board of directors’ recommendation to divest from Masader Agricultural Fodder Company Ltd. by selling all of Tabuk Agricultural’s owned shares in Masader Agricultural Fodder Company Ltd., representing 60% of the company’s total shares, to partner Ahmed Hussein Al-Omari for an amount of SAR 7 million, including the factory owned by Ahmed Hussein Al-Omari Establishment, in which the company also owns 60%.The divestment was aimed at stopping the continuous annual losses, which averaged SAR 4 million per year, and at providing the company with SAR 7 million in cash liquidity from the sale, as well as achieving net profits of SAR 9.6 million from the divestment, which will be recorded directly in the profit or loss statement.
 

The current board of directors will be authorized to take all necessary actions deemed appropriate in the best interest of the company.