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Capital Market Authority OKs Tabuk Agro Capital Cut
The Capital Market Authority announced its approval of Tabcok Agricultural Development Company's request to reduce its capital from 391.77 million SAR to 76.52 million SAR, resulting in a decrease in the number of shares from 39.18 million to 7.65 million shares. The approval is conditional upon the approval of the company's extraordinary general assembly and the completion of the regulatory procedures. The company is required to publish a report outlining the method of the reduction and the expected impact before convening the assembly. The bank confirms that this approval does not signify approval of the feasibility of the reduction but is limited to complying with the regulatory requirements.
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