AI Summary
Logo of Tabuk Agricultural Development Co. (TADCO)
Tabuk Agricultural Development Co.’s (TADCO) board of directors recommended, on April 2. a 52.94% capital cut to SAR 184.36 million from SAR 391.77 million to offset accumulated losses.
|
Capital Reduction Highlights |
|
|
Current Capital |
SAR 391.77 mln |
|
Number of shares |
39.18 mln shares |
|
Reduction (%) |
52.94% |
|
New Capital |
SAR 184.36 mln |
|
New number of shares |
18.44 mln shares |
|
Method |
Canceling 20.74 mln shares (0.5294-for-1) |
|
Driver |
To offset accumulated losses |
|
Date |
The second trading day following the EGM date |
In a statement to Tadawul, TADCO said no material impact on its financial, operational, regulatory obligations, operations, or performance will result from the planned capital reduction.
The board's recommendation is still subject to approvals of the relevant official authorities and the deciding extraordinary general meeting (EGM).
An announcement will be made later when a financial advisor is appointed, as well as when the capital reduction file is submitted to the Capital Market Authority (CMA) for approval, it added.
TADCO incurred SAR 145 million in losses after minority interest in 2024, against a net profit of SAR 80.8 million in 2023. The fourth-quarter net losses reached SAR 101.1 million.
Be the first to comment
Comments Analysis: