On May 12, 2026, Tabuk Agricultural Development Co. announced that its Board of Directors has amended its previous capital reduction recommendation to the Extraordinary General Assembly. The updated proposal seeks to reduce the company's share capital by 80.47% from SAR 391,767,000 to SAR 76,524,600 to address accumulated losses of SAR 315,242,400, which increased from the previously announced 77.41% based on Q1 2026 financial results. The restructuring involves cancelling 31,524,240 ordinary shares (0.8047 shares for every 1 share held), reducing total shares from 39,176,700 to 7,652,460. The capital reduction is subject to regulatory approvals and shareholder approval at an Extraordinary General Assembly, with Wasatah Capital serving as the financial advisor.

Original announcement:

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