Nadec Agrees to Increase Capital
National Agricultural Development Strategy (Nadec) has announced the outcome of special general assembly meeting. The meeting was held a 6:30 on November 5 using modern means of technology. It agreed to increase the company’s capital.
The meeting’s unanimous decision was to boost the capital by SAR 2 billion through a priority rights share offering.
Meeting Outcomes
Shareholders agreed to increase the company’s capital
Capital Boost Details
- The total increase amount is SAR 2 billion.
- Pre-increase capital was SAR 1,016 million.
- Post-increase capital will be SAR 3,016 million.
- Shares will surge from 101.6 billion to 301.6 billion.
- The capital change percentage is a staggering 196.77%.
- Each share will entitle to 1.9677 additional shares.
Offering and Subscription
- Method: Issuing 200 million ordinary priority rights shares.
- Offering size: 200 million ordinary shares.
- Offer price: SAR 10 per share.
- Nominal value: SAR 10 for each share.
Strategic Implications
This capital increase will enable Nadec to pursue its strategic and operational plans. It aims to strengthen the company’s future activities.
Nadec
NADEC stands as one of the foremost and most significant national entities spearheading the development of agriculture and livestock in Saudi Arabia.
Notably, it holds the distinction of being the initial agricultural enterprise to be traded on the Saudi stock exchange.
Founded in the early 1980s, NADEC was established with the objectives of bolstering food security within the Kingdom.
Additionally, it plays a crucial role in advancing Saudi Arabia’s leadership in promoting food security regionally and internationally.
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