Tabuk Agricultural announces loss of control over its subsidiary Food Horizons Company

Tabuk Agricultural Development Company announced on Tuesday that the Company has 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 subsidiaries “Food Horizons Company as part of the periodic follow-up to evaluate the Company’s investments and adapting its accounting treatments to adequately reflect the relevant systems and the standards considering that Tabuk Agricultural Development Company owned 40% of the company total shares of this subsidiary.

The Company indicated Today on Tadawul that the result of this re-evaluation announces the loss of control over this subsidiary, “Food Horizons Company “, in which it owns 40% of the company’s total share because of lack of the necessary conditions for control.