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.
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Key Figures of the Capital Hike |
|
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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 |
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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. |
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Record day |
Shareholders of record on the second trading day after the general meeting. |
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