Logo of Saudi Fisheries Co. (SFICO)
Saudi Fisheries Co.’s (SFICO) shareholders approved, during the extraordinary general meeting (EGM) held on Jan. 26, the board’s proposal of an 83.25% capital reduction from SAR 400 million to SAR 66.99 million.
|
Capital Reduction Highlights |
|
|
Current Capital |
SAR 400 mln |
|
Number of Shares |
40 mln |
|
Reduction (%) |
83.25% |
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New Capital |
SAR 66.99 mln |
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Number of Shares After Reduction |
6.7 mln |
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Method |
Writing off 33.3 million shares |
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Reason |
Restructuring the company’s capital to offset accumulated losses |
Saudi Fisheries said in a statement to Tadawul that the capital reduction will not significantly impact the company’s liabilities, operations, or its financial, operational or regulatory performance.
Meanwhile, shareholders also approved amendments to Article 3 of the company’s bylaws, related to the company’s objectives, and Article 7 concerning the company’s capital.
The Saudi Exchange (Tadawul) announced that the fluctuation limits on Saudi Fisheries will be based on a share price of SAR 146.20 and the outstanding orders will be canceled.
Furthermore, the company’s shares will be suspended as per the listing rules for two business days starting today, Jan. 27, provided the Securities Depository Center Co. (Edaa) reflects shares reduction on investors’ portfolios. Trading will resume on Jan. 28.
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