National Agriculture Development Company 10-Apr-16
• Adjust fair value to SAR16.36/share on 1:10 bonus share issue We adjust our fair value (FV) for Nadec to SAR16.36/share from SAR18.00/share following the bonus share issue approved by shareholders at the EGM held on 7 April 2016. The company has issued one bonus share for every ten shares held, raising the total number of shares outstanding to 84.7 million from 77 million. Total equity has not changed, as the bonus issue was completed by capitalising retained earnings.
Nada Amin Hatem Alaa, CFA
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