Logo of Saudi Fisheries Co. (Alasmak)
Saudi Fisheries Co.’s (Alasmak) board of directors amended its capital reduction recommendation from 52.89% to 66.2%, implying a decrease in capital from SAR 400 million to SAR 135.24 million.
|
Key Figures of Capital Reduction |
|
|
Current Capital |
SAR 400 mln |
|
Number of shares |
40 mln |
|
Reduction (%) |
66.2% |
|
New Capital |
SAR 135.20 mln |
|
Number of Shares After Reduction |
13.52 mln |
|
Method |
Writing off 26.48 million shares |
|
Reason |
Restructuring the company’s capital to offset accumulated losses |
According to data available on Argaam, Saudi Fisheries appointed, on May 6, ANB Capital to advise on the company’s capital reduction.
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