Saudi Fisheries amends capital reduction proposal to 66.2%

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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