Riyadh — Mubasher: Tabuk Agricultural Development Company (TADCO) has summoned its shareholders to an Extraordinary General Meeting (EGM) scheduled for 27 September at 18:30.
The primary agenda item is a board recommendation to reduce the company's capital by 80.47% to restructure its finances and extinguish accumulated losses.
Under the proposal, the current capital of SAR 391.77 million will be slashed to SAR 76.52 million. This will be achieved by canceling 31.52 million shares, reducing the total number of outstanding shares from 39.17 million to 7.65 million.
Shareholders will see one share cancelled for every 1.24 shares held.
The company said the capital reduction will not affect its financial obligations, operations, or overall performance.
If approved, the reduction will apply to shareholders registered at the end of the second trading day following the meeting.
Electronic voting for the assembly is set to begin on 23 September. The meeting will be held at the company's guest palace in TADCO and via modern technology platforms.
TADCO recently cancelled its first and second EGM sessions scheduled for 31 August because it lacked a legal quorum.
