Tabuk Agricultural Development Co. Announces an update on Tabuk Agricultural Development Co. Announces the Submission of the Decrease of the Company’s Capital Application File to CMA
| Element List | Explanation |
|---|---|
| Introduction | With reference to Tabuk Agricultural Development Co (the “Company”) announcement on the Saudi Exchange’s website on 28/12/1446H (corresponding to 24/06/2025G) regarding the Company’s submission of a capital decrease file to the Capital Market Authority (“CMA”), the Company inform its esteemed shareholders of the issuance of the CMA’s approval on 09/04/1447H (corresponding to 01/10/2025G) on the Company’s request to decrease its capital, as per the details mentioned below. |
| Previous Announcement | Tabuk Agricultural Development Co. Announces the Submission of the Decrease of the Company’s Capital Application File to CMA |
| Date of Previous Announcement on Saudi Exchange’s Website | 2025-06-24 Corresponding to 1446-12-28 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The CMA issued it 09/04/1447H (corresponding to 01/10/2025G) on the Company’s application to reduce its Capital from (391,767,000) Saudi Riyals to (184,356,390) Saudi Riyals, and thus reducing the number of shares from (39,176,700) ordinary shares to (18,435,639) ordinary shares by canceling (20,741,061) ordinary shares, at a reduction rate of (52.94%) to restructure the company's capital to extinguish the accumulated losses. The reduction date will be the end of the second trading day following the Extraordinary General Assembly in which the capital reduction was approved.
It should be noted that this approval is conditional upon obtaining the approval of the Extraordinary General Assembly to reduce the company's capital and completing the relevant procedures and regulatory requirements. |
| Reasons For The Delay on The Date of The Event Previously Announced | NA |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | NA |
| Delay consequences on the Company’s financial results | NA |
| Additional Information | The CMA issued its approval of the Company’s application to reduce its capital after the Company fulfilled CMA's regulatory requirements and comments relating to the capital reduction application file.
The Company will publish the invitation in due course. The Company will publish the Shareholders’ Circular containing the proposed method of reducing the capital and the expected effects of that capital reduction, timely before the extraordinary general assembly meeting, so that the shareholders can vote on the resolution to reduce the capital of the Company.
The Company will announce any material developments as required by applicable rules. |
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