Saudi Fisheries submits capital cut file to CMA

Logo of Saudi Fisheries Co.

Saudi Fisheries Co. (Alasmak) submitted, on June 3, the application file to reduce the company's capital by SAR 264.8 million to the Capital Market Authority (CMA) for approval.

The company will announce any future developments in this regard later, it said in a statement to Tadawul.

In May, Saudi Fisheries’ 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 to offset accumulated losses, Argaam reported.