Logo of Saudi Fisheries Co.
Saudi Fisheries Co.’s board of directors recommended, on Dec. 1, reducing the company’s capital by 52.89% from SAR 400 million to SAR 188.44 million, to extinguish the accumulated losses, as follows:
|
Capital Decrease Details |
|
|
Current Capital |
SAR 400 mln |
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Number of Shares |
40 mln |
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Capital Decrease Percentage |
52.89% |
|
Post-Decrease Capital |
SAR 188.44 mln |
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Post-Decrease Shares |
18.84 mln |
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Reason |
Restructuring the company’s capital to extinguish accumulated loss |
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Method |
Cancelling 21.16 mln shares |
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Date |
The end of the second trading day following the extraordinary general meeting (EGM), during which the capital cut is approved |
In a statement to Tadawul, the company pointed out that there is no material impact arising from the capital reduction on the company’s financial, operational, or regulatory obligations, operations, or performance, the statement further added.
The reduction is conditional on the approval of the official authorities and EGM, the company pointed out, adding that an announcement will be made later when a financial advisor is appointed, as well as when the capital reduction request file is submitted to the Capital Market Authority for approval.
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