Saudi Fisheries gets CMA approval on capital cut

Saudi Fisheries Co. (SFICO) obtained the Capital Market Authority’s (CMA) approval to reduce capital by 83.25% from SAR 400 million to SAR 66.98 million, according to a statement to Tadawul.

As a result, the number of shares will decrease from 40 million to 6.69 million, with 33.3 million ordinary shares being canceled.

The reduction will be carried out by the end of the second trading day following the extraordinary general meeting (EGM), which will discuss the capital reduction.

The move is conditional upon obtaining the approval of the EGM and completing the relevant procedures and regulatory requirements.

The company will complete the necessary procedures, including publishing a shareholders’ circular outlining the proposed capital reduction method and its expected effects, allowing shareholders to vote on the decision.

Any relevant updates will be disclosed in due course, the statement added.