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Tabuk Agricultural Development Co. (TADCO) subscription to new shares and the rights trading begins today, April 12, 2021, to increase capital from SAR 241.77 million to SAR 391.77 million.
Rights trading will end on April 19, while subscription to the new shares will close on April 22.
TADCO is offering 15 million shares at SAR 10 each. Every registered shareholder is eligible for 0.62 right for every share held.
|
Key Figures of Capital Increase |
|
|
Current capital |
SAR 241.77 mln |
|
Number of shares |
24.17 mln |
|
Increase (%) |
62.04% (0.62 right for every existing share) |
|
New capital |
SAR 391.77 mln |
|
New shares |
39.17 mln |
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Rights Issue Details |
|
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Number of shares |
15 mln |
|
Issue price |
SAR 10/share |
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Issue size |
SAR 150 mln |
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Start of shares subscription and trading period |
April 12, 2021 |
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End of trading period |
April 19, 2021 |
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End of subscription period |
April 22, 2021 |
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Record date |
April 6, 2021 |
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Use of proceeds |
- To spend on operating and agricultural plan. (The agricultural plan includes planting wheat and fruits seeds. Operating plan consists of managing the agricultural process, including maintenance of equipment deployed for planting, harvest, irrigation and transport of crops.) - To repay debts and loans of the company and to acquire income-generating real estate business. |
Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares and share fractions, if any, will be reoffered to institutional investors.
In case of under-subscription, the financial advisor, lead manager and underwriter, Wasatah Capital, will subscribe to these rights.
Investors not willing to subscribe to the offering should note the importance of selling the rights they hold during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the company said.
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