Nadec plans 10% capital hike to SAR 847 mln through bonus share issue

The board of National Agriculture Development Co. (Nadec) on Friday recommended raising its capital by 10 percent to SAR 847 million from SAR 770 million through the issuance of one bonus share for every ten shares held, the company said in a statement to the Saudi bourse, Tadawul.

The number of outstanding shares will accordingly increase to 84.7 million from 77 million shares.

The company said it will use SAR 77 million from its retained earnings towards the capital raise.

Shareholders of record by the next extraordinary general assembly, the date of which will be determined later, are eligible to receive bonus shares, it said.