Riyadh – Mubasher: National Agricultural Development Company (Nadec) submitted, on 12 June, a request to the Capital Market Authority (CMA) for a SAR 2 billion capital hike via a rights issue.
Nadec appointed Riyad Capital as the financial advisor to manage the subscription in the offering of issues rights, according to a bourse filing.
Meanwhile, the capital raise is still subject to the approvals of relevant official authorities and the company’s extraordinary general meeting (EGM).
The Tadawul-listed firm will announce any further developments regarding the process in due course.
In the first quarter (Q1) of 2023, Nadec registered net profits after Zakat and tax worth SAR 37.69 million, an annual leap of 149.27% from SAR 15.12 million.
Revenues widened by 22.15% to SAR 749.41 million in Q1-23 from SAR 613.53 million in Q1-22, while the earnings per share (EPS) climbed to SAR 0.37 from SAR 0.15.
