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The National Agricultural Development Company (NADEC) announces an update on CMA Approval by the Capital Market Authority for the Offering of 30% of the Shares of Arabian Mills for Food Products Company "a company invested in" for Initial Public Offering (IPO) on the Saudi Stock Exchange (Tadawul)
| Element List | Explanation |
|---|---|
| Introduction | Reference to the announcement by the National Agricultural Development Company (NADEC) regarding the approval by the Capital Market Authority for the offering of 30% of the shares of Arabian Mills for Food Products Company "a Company Invested In" for Initial Public Offering (IPO) on the Saudi Stock Exchange (Tadawul). In addition to the announcement by Saudi Exchange, regarding the listing and trading shares of Arabian Mills for Food Products Company on the Main Market on Tuesday 05/04/1446H, corresponding to 08/10/2024AD. It is worth noting that Nadec holds a 14.87% stake in Arabian Mills for Food Products Company, and as a result of the initial public offering (IPO) of 4.46% of NADEC's stake in the investee company, the expected positive financial impact is estimated to be approximately SAR 103 million after deducting Nadec's share of expenses and costs associated with the offering and listing of Arabian Mills for Food Products Company on the main market. This impact will be reflected in the financial results of Q4 2024. Furthermore, the offering price was set at SAR 66 per share for the public offering of Arabian Mills for Food Products Company shares, and the prospectus is available on the Capital Market Authority’s website. |
| Previous Announcement | The National Agricultural Development Company (NADEC) announces the approval by the Capital Market Authority for the offering of 30% of the Shares of Arabian Mills for Food Products Company "a company invested in" for Initial Public Offering (IPO) on the Saudi Stock Exchange (Tadawul) |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-06-25 Corresponding to 1445-12-19 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | The expected positive financial impact is estimated to be approximately SAR 103 million after deducting Nadec's share of expenses and costs associated with the offering and listing of Arabian Mills for Food Products Company on the main market. This impact will be reflected in the financial results of Q4 2024. |
| Reasons For The Delay on The Date of The Event Previously Announced | Do not apply |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Do not apply |
| Delay consequences on the Company’s financial results | Do not apply |
| Additional Information | The company will announce any future developments in this regard (if any) in due course. For any inquiries, please contact our Investor Relations Department at Telephone No: 0112027830 Email: IR@nadec.com.sa |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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