Latham & Watkins acted as legal advisor to The National Agricultural Development Company (NADEC), a Saudi joint-stock company, for its SAR 2 billion rights issue. The offering of 200 million ordinary shares at an offer price of SAR 10 per share raised the company’s capital to SAR 3.0164 billion. This transaction represents the largest rights issue in Saudi Arabia in 2023.

NADEC is one of the largest agricultural and livestock development companies in the Middle East and North Africa. The company plays a pivotal role in advancing Saudi Arabia’s pioneering efforts to enhance regional and global food security. The rights issue will help NADEC strengthen its leading position in the local and regional markets by expanding in the the dairy, juice, agricultural products, red meat, entering new markets, repaying loans, and fulfilling general financial requirements.

The Latham team was led by Riyadh partner Salman Al-Sudairi, with associates Najla S. Al-Gadi and Aya AlHumaid.