Tabuk Agricultural BOD Recommends a 52.94% Capital Reduction to Extinguish Accumulated Losses

Tabuk Agricultural Development Company announced the Board of Directors’ recommendation to reduce its capital from SAR 391.7 million to SAR 184.3 million, by 52.94%.

The company explained that the number of shares before the reduction was 39.17 million, and that the number of shares after the reduction will increase to 18.4 million.

According to the announcement published on Tadawul, the reason for the capital reduction is to restructure the company’s capital to extinguish its accumulated losses.

The company indicated that the capital reduction will be implemented by canceling 20.7 million of its shares, canceling (0.5294) shares for every (1) share owned.