Tabuk Agricultural EGM fails to convene over 80.5% capital cut

Logo of Tabuk Agricultural Development Co.

Tabuk Agricultural Development Co. said the first and second extraordinary general meetings (EGMs), which were scheduled to be held on Aug. 31, 2026, were not convened due to the lack of quorum, with shareholder participation reaching 18.63% and 18.67%, respectively, according to a statement to Tadawul.

The required quorum was 50% of voting shares for the first meeting and 25% for the second meeting.

It added that the failure to convene the EGMs has no impact on the board of directors’ recommendations regarding dividends or the work of the external auditor, nor on the board’s recommendations regarding the change in capital.

The company said it will subsequently invite shareholders to a third EGM after setting a date and obtaining the approval of the relevant regulatory authorities. It added that the third meeting will be valid regardless of the number of shareholders in attendance, in accordance with the relevant laws and regulations.

According to data compiled by Argaam, shareholders were scheduled to vote on reducing the company’s capital by 80.47% to SAR 76.52 million from SAR 391.77 million through the cancellation of 31.52 million shares, with the aim of restructuring the capital and offsetting SAR 315.24 million in accumulated losses.