National Agriculture Development Co. (NADEC) announces that the Board of directors on its meeting held on 16-01-2016 recommended to the extraordinary general assembly to increase the company's capital through bonus shares as follows:
1.Company's capital before increase is SAR 770 Million, company's capital after increase SAR 847 Million, with an increase by 10%.
2.The number of shares before increasing 77 Million shares, the number of shares after increasing 84.7 Million shares.
3.Offering 01 bonus shares for every 10 shares owned.
4.The increase will be through capitalization of SAR 77 Million from the account of Retained earnings
5.The companys aim from the capital increase is to support the company s expansion and financial leverage .
6.The bonus shares is limited to the shareholders who are registered in the shareholder's registrar in the Securities Depository Center (Tadawul) at the close of trading on the extraordinary general assembly day, which will be determined later by the company.
7.In case of having bonus shares fractions; the company will collect them in one portfolio and subsequently sell during 30 days from the completion of the allocating of the new shares. The proposed increase in capital would be initiated only once necessary approvals are received from official authorities as well as from shareholders in the extraordinary general assembly meeting.