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Tabuk Agricultural Considers Capital Cut
Tabuk Agricultural Development Company announced its intention to reduce its capital by 80.47%, from 391.76 million SAR to 76.52 million SAR, in order to offset accumulated losses amounting to 315.24 million SAR as of March 2026. This sum represents approximately 80.47% of the company's capital. The reduction will be carried out by canceling 31.52 million shares while maintaining the nominal value of each share at 10 SAR. The capital reduction is scheduled to take place after the approval of the extraordinary general assembly, which is set for August 31, 2026. The purpose of this action is to restructure the company's financial position and address its losses, with an reform plan that includes improving operational efficiency, reducing costs, and focusing on rehabilitating agricultural assets to enhance profitability by 2027. Additionally, any fractional shares resulting from the reduction will be collected and sold in the market, with the proceeds distributed among shareholders.
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