NADEC general assembly approves capital increase to SAR 1.02 bln

06/05/2020 Argaam

 

The National Agricultural Development Co.’s (NADEC) shareholders approved, during the extraordinary general assembly meeting held on May 5, 2020, the capital increase from SAR 847 million to SAR 1.016 billion through issuance of 20% bonus shares.

 

Key Figures of the Capital Hike

Current Capital

SAR 847 mln

Number of shares

84.7 mln

Hike (%)

20% (1 share for every 5 shares)

New Capital

SAR 1.016 bln

New number of shares

101.64 mln

Record date

May 5, 2020

Driver

To match the company’s share capital to its assets level and support its future investments.

Method

Through capitalizing SAR 169.4 mln from retained earnings account.

 

The Saudi Stock Exchange (Tadawul) said that the fluctuation limits for NADEC today, May 6, will be based on a share price of SAR 22.50.

 

The Securities Depository Center (Edaa) will deposit the additional shares into investor’s portfolios by Sunday May 10.

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