Saudi Fisheries rights trading, subscription period starts today

Saudi Fisheries Co.’s (Alasmak) subscription to new shares and the rights trading starts today, June 8, 2020.

Rights trading will end on June 15, while subscription to the new shares will close on June 18.

The Saudi company will offer 29.89 million shares, at SAR 10 each, and each shareholder is entitled to subscribe to 2.96 rights for each outstanding share.

Rights holders are entitled to subscribe to the new shares partially or fully pro rata. The remaining shares will be reoffered to institutional investors.

In case of under subscription, the underwriters, Falcom Financial Services, will subscribe to these rights.

On May 14, Alasmak’s shareholders approved a capital increase from SAR 101.1 million to SAR 400 million, through a rights issue of 29.8 million shares, Argaam earlier reported.

Key Figures of the Capital Hike
Current Capital	SAR 101.1 mln
Number of shares	10.1 mln
Hike %	295.7%
New Capital	SAR 400 mln
New number of shares	40 mln
Key Figures of the Rights Issue
Number of rights issue shares	29.89 mln
Offering price	SAR 10
Offering size	SAR 298.9 mln
Beginning of rights issue trading period and new shares subscription	June 8, 2020
End of rights issue trading period	June 15, 2020
End of new shares subscription period	June 18, 2020
Record date	May 14, 2020 (including those registered at the Securities Depository Center two business days following this date)
Use of rights issue proceeds	Financing restructuring plan and projects operations, covering establishing costs, working capital and loan repayment.
Additional Information
Financial Advisor, lead manager and underwriter	Falcom Financial Services

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