Saudi Fisheries board changes capital cut proposal to 83.3%

Logo of Saudi Fisheries Co. (Alasmak) 

Saudi Fisheries Co.’s (Alasmak) board of directors changed on Oct. 17 its capital reduction recommendation to 83.25%, according to a Tadawul statement.

 

The capital will be reduced to SAR 66.99 million from SAR 400 million.

 

Capital Reduction Highlights

Current Capital

SAR 400 mln

Number of Shares

40 mln

Reduction (%)

83.25%

New Capital

SAR 66.99 mln

Number of Shares After Reduction

6.7 mln

Method

Writing off 33.3 million shares

Reason

Restructuring the company’s capital to offset accumulated losses

 

According to data available with Argaam, the board recommended in January a 52.89% capital reduction from SAR 400 million to SAR 188.44 million, to offset accumulated losses.

 

In May, the company amended the capital reduction to 66.2% from 52.89%.

 

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