CMA approves NADEC’s capital raise:

The Capital Market Authority (CMA) approved proposed capital raise of the National Agricultural Development Company (NADEC) from SAR 600 million to SAR 700 million (16.7%).

The capital raise is to take place by issuing of one bonus share for each six shares owned by registered shareholders, as SAR 100 million of retained earnings will be capitalized, the CMA said.

The raise will increase the company’s listed shares from 60 million to 70 million shares.