Tabuk Agricultural Development Company (TADCO) has completed the planned sale of a portion of its stake in Horizon Food, bringing its total shareholding down to less than a third.

The firm divested 286,250 shares in the two latest deals with a total value of approximately SAR 10.02 million ($ 2.7 million).

Taking into account the previous share sales, the company has now offloaded a total of one million shares valued at SAR 34.9 million, as part of the plan to boost liquidity and fund operational and agricultural plans.

“With the completion of these transactions, the company has completed the sale of the full approved quantity of (1,000,000) shares,” TADCO said.

The company expects to incur a loss of a little over SAR 1 million as a result of the two deals, primarily due to the difference between the sale price and the book value of its investment.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com