Tabuk's losses for agricultural development fell from about 90.03 million riyals to 22.01 million riyals equivalent to 9% of the capital as at the unified financial position on May 3, 2021.
According to Arab Net, Tabuk Agricultural said in a statement that it restructured equity in the company to extinguish SR 68.02 million from accumulated losses through the use of legal reserve, to reduce the capital losses from 35.8% to 9%.
It was noted that the regular reserve would not have an impact on the company's monetary liquidity, as well as there would be no impact on the net shareholders' equity and commitments.
The company's shareholders had agreed at the Extraordinary General Meeting last April, on the recommendation of the Board of Directors by increasing the company's capital by raising priority rights to after 391.7 million riyals, compared to SR 241.7 million before increasing, an increase of SR 150 million.
The increase will be to increase and include priority rights shares with 15 million ordinary shares, and the ratio of the increase per share is 0.620 right per share.
The company is aimed at increasing its capital by offering a priority rights to exchange and agricultural plan, which is the agricultural plan to grow wheat and fruit seeds. Real estate business for income.
