Saudi Fisheries issues prospectus for SAR 298.9 mln rights issue

Saudi Fisheries Co. (Alasmak) issued prospectus for its SAR 298.8 million rights issue, the company said in a bourse filing.

Alasmak set the offering price at SAR 10 a share, to increase capital from SAR 101.1 million to SAR 400 million, through floating 29.89 million shares.

The rights issue proceeds net of offering fees and costs will be used for rehabilitation of projects, payment of incorporation fees and working capital, as well as debt repayment.

Alasmak shareholders will discuss on May 14 the board’s recommendation to increase capital, Argaam reported.