Saudi Fisheries Co. (Alasmak) postponed its extraordinary general meeting (EGM), slated for March 23, 2020 due to the precautionary measures to combat the outbreak of the coronavirus, the company said in a bourse statement.

 

Another meeting date will be announced after coordination with the competent authorities, the statement added.

 

Alasmak postponed its EGM, slated for March 5, 2020, to March 23, 2020, Argaam reported.

 

Shareholders were to discuss the board’s recommendation to increase capital by SAR 298.9 million from SAR 101.1 million to SAR 400 million via a rights issue of 29.8 million shares.

 

Key Figures of the Capital Hike

Current Capital

SAR 101.1 mln

Number of shares

10.11 mln shares

Method of Increase (%)

Rights issue at 29.89 mln shares

Increase

SAR 298.9 mln

New Capital

SAR 400 mln

New number of shares

40 mln shares

Reasons

The capital hike will finance Al-Huraida project, the requirements of the working capital and debt settlement.

Record day

Shareholders of record on the second trading day after the general meeting.

 

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