Saudi Fisheries issues prospectus for SAR 298.9 mln rights issue

Saudi Fisheries Co. (Alasmak) issued prospectus for its SAR 298.8 million rights issue, the company said in a bourse filing.

Alasmak set the offering price at SAR 10 a share, to increase capital from SAR 101.1 million to SAR 400 million, through floating 29.89 million shares.

The rights issue proceeds net of offering fees and costs will be used for rehabilitation of projects, payment of incorporation fees and working capital, as well as debt repayment.

Alasmak shareholders will discuss on March 5 the board’s recommendation to increase capital, following the approval of the Capital Market Authority (CMA), Argaam reported.

Capital Hike Details
Current Capital	SAR 101.1 mln
Current number of shares	10.1 mln
Capital hike percentage	295.7%
Post-increase capital	SAR 400 million
Post-increase number of shares	40 mln

Rights Issue Details
Number of right shares	29.89 million shares
Offering price per share	SAR 10
Size of issue	SAR 298.9 mln
Record date	The second day after the extraordinary general meeting day
Rights issue proceeds	Rehabilitation of projects, payment of incorporation fees and working capital, and debt repayment.

Additional Details
Financial advisor and underwriter	Falcom Financial Services

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