Tabuk Agricultural Development Co.’s (TADCO) board of directors recommended a 46.3 percent capital cut to SAR 241.77 million from SAR 450 million, the company said in a statement on Tadawul.

 

 The step is intended to offset accumulated losses resulting from the revaluation of the company’s investment due to applying IFRS, losses from impairment in capital projects, booking provisions for loan guarantee in affiliate companies and recognizing impairment losses in affiliates and subsidiaries.

 

The accumulated losses were also attributed to losses realized on inventory revaluation, impairment loss on assets and accounts receivables in addition to booking a provison for Zakat from previous years.

 

The capital cut is pending approval from the general assembly and regulator.

 

Key Figures of the Capital Reduction

Current Capital

SAR 450 mln

Number of shares

45 mln shares

Reduction (%)

46.274% (0.4627 for every 1 share)

New Capital

SAR 241.77 mln

New number of shares

24.18 mln shares

Method

Canceling 20.82 mln shares

Record date

General assembly meeting

Driver

To offset accumulated losses of SAR 208.23 mln

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