Riyadh – Mubasher: The Saudi Capital Market Authority (CMA) has approved the National Agricultural Development Company’s (Nadec) request to increase its capital from SAR 847 million to SAR 1.016 billion.
The capital hike will be carried out through issuing a single bonus share for every five existing shares owned by the shareholders who are registered in the shareholder registry at the Security Depository Center as of the closing of the second trading day after the due date which will be determined later by the Company's board.
The increase will be paid by transferring an amount of SAR 169.4 million from the company’s retained earnings account to capital, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
Consequently, increasing the company's outstanding shares from 84.7 million shares to 101.64 million shares, by an increase of 16.94 shares.
The company’s extraordinary general assembly meeting (EGM) will be held within six months.
