NADEC rump offering 542.4% oversubscribed

28/11/2023 Argaam
Logo ofNational Agricultural Development Co. (NADEC)

Logo of National Agricultural Development Co. (NADEC)


National Agricultural Development Co. (NADEC) announced that the rump offering of its rights issue was 542.36% oversubscribed, according to a statement to Tadawul.

 

Offering Details

Number of Shares Sold

38.53 mln

Total Rump Offering Proceeds

SAR 758.05 mln

Coverage Ratio (%)

542.36%

Average Price/Share Sold

SAR 19.67 each

Net Compensation for Rights Issue & Fraction Shareholders

SAR 372.73 mln

Date of Depositing Shares into Shareholders Accounts

Dec. 4, 2023

 

Subscription to the rights issue ended on Nov. 24, according to Argaam's data.

 

During the subscription period, which began on Nov. 9, the company offered 200 million shares at SAR 10 each, totaling SAR 2 billion, to increase capital from SAR 1.01 billion to SAR 3.01 billion.

 

The subscription coverage reached 80.73% of total offered shares, with 161.47 million out of 200 million new shares subscribed at SAR 1.61 billion.

 

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