Alasmak amends capital hike recommendation to SAR 400 mln through rights issue

Saudi Fisheries Co.’s (Alasmak) board of directors has amended its capital hike recommendation to SAR 400 million from SAR 101.1 million through a SAR 298.9 million rights issue, the company said in a statement on Tadawul.

The decision was taken based on a study performed by a consultancy house and aimed to serve the company’s benefits, the statement added.

The company has hired Falcom Financial Services as financial advisor for the capital hike, and will submit the related file to the Capital Market Authority (CMA) later on.

The process is pending approval from the general assembly and regulator.

In October 2018, the company’s board of directors recommended a capital hike to SAR 300 through a SAR 198.9 million rights issue, according to data compiled by Argaam.

Later in December, the board approved a 49.45 percent capital cut to SAR 101.1 million from SAR 200 million to offset losses.