Tabuk Agricultural spends SAR 40 mln of rights issue proceeds

03/11/2016 Argaam

Tabuk Agricultural Development Co. (TADCO) said it has spent SAR 40.3 million out of the total proceeds generated from its rights issue by the end of Q3-2016.

                

Costs related to the rights issue came to SAR 14.9 million against the SAR 16 million estimated in the prospectus, the company said in a statement to Tadawul on Thursday.

  
A total of SAR 10.4 million was used for general corporate purposes.

 

The company spent SAR 2.58 million on its crop production project in Sudan compared to SAR 140 million stated in the prospectus. The project was 18 percent complete and the work was suspended due to legal claims on land ownership.

 

TADCO also spent SAR 1.77 million on its French fries plant, which is 49 percent complete.

 

About SAR 9.8 million of proceeds were used for the company’s mix-fodder project. The company has completed 48 percent of the facility.

 

In addition, a SAR 0.92 million were spent on its olive-pressing plant, which is 16 percent complete.

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