TADCO announces loss of control over Food Horizons

Logo of Tabuk Agricultural Development Co. (TADCO)

Tabuk Agricultural Development Co. (TADCO) re-evaluated some significant management judgments and estimates related to determining whether the company has control, joint control, or significant influence in its investment in its subsidiary, Food Horizons Co.

TADCO owns 40% of Food Horizons’ total shares, according to a Tadawul statement.

This re-evaluation resulted in the loss of control over Food Horizons due to a lack of the necessary control conditions, the statement added.

The step comes as part of the periodic follow-up to evaluate the company’s investments and adapt its accounting treatments to adequately reflect the relevant systems and standards, TADCO noted.