Riyadh — Mubasher: Tabuk Agricultural Development Company’s (TADCO) extraordinary general meeting (EGM) approved a significant capital reduction of 80.47% to restructure its financial position.
During the meeting held on 27 September, shareholders voted to decrease the company's capital from SAR 391.77 million to SAR 76.52 million.
The reduction will be achieved by cancelling 31.52 million shares, bringing the total number of outstanding shares down from 39.17 million to 7.65 million.
Under the approved terms, one share will be cancelled for every 1.24 shares held by investors. The primary objective of the move is to extinguish the company's accumulated losses.
The company confirmed that the capital restructuring will have no impact on its financial obligations, operations, or overall performance.
The resolution was passed with 87.90% of the votes in favor, while 11.65% voted against and 0.45% abstained.
The meeting, which was the third call for the assembly, was validly held with an attendance of 19.50% of the represented capital.
The reduction is effective for shareholders registered at the end of the second trading day following the assembly date.
