Saudi Fisheries proposes 52.89% capital cut

Logo of Saudi Fisheries Co.

Saudi Fisheries Co.’s board of directors recommended, on Dec. 1, reducing the company’s capital by 52.89% from SAR 400 million to SAR 188.44 million, to extinguish the accumulated losses, as follows:

 

 Capital Decrease Details

Current Capital

SAR 400 mln

Number of Shares

40 mln 

Capital Decrease Percentage

52.89%

Post-Decrease Capital 

SAR 188.44 mln

Post-Decrease Shares 

18.84 mln 

Reason

Restructuring the company’s capital to extinguish accumulated loss

Method

Cancelling 21.16 mln shares

Date

The end of the second trading day following the extraordinary general meeting (EGM), during which the capital cut is approved
 

In a statement to Tadawul, the company pointed out that there is no material impact arising from the capital reduction on the company’s financial, operational, or regulatory obligations, operations, or performance, the statement further added.

 

The reduction is conditional on the approval of the official authorities and EGM, the company pointed out, adding that an announcement will be made later when a financial advisor is appointed, as well as when the capital reduction request file is submitted to the Capital Market Authority for approval.

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