Alasmak says it used 2011 rights issue proceeds to fund expansions

Saudi Fisheries Co. (Alasmak) said it has been using proceeds from its 2011 rights issue to fund several of its expansion projects up until the end of fiscal year 2014, according to its statement to Tadawul, Saudi Arabia’s bourse.

The company’s total proceeds from its rights issue that took place from Sept. 27, 2011 to Oct. 5, 2011 reached SAR 335.4 million.

The seafood producer established a prawn farm at an investment cost of SAR 4.9 million, and a prawn processing plant in Al Horidha at SAR 41 million.

New stores were established and existing stores were upgraded at SAR 256,900 and SAR 1.83 million, respectively.

New additions and upgrades were implemented in Dammam and Jazan plants at a total value of SAR 1.34 million and SAR 50,400, respectively.

The company purchased a land for its headquarters in Dammam at SAR 39.2 million (the full amount provisioned).

Alasmak also established a new fodder​ plant at SAR 22.3 million and bought a new transport fleet for SAR 4.6 million. Furthermore, some of the company’s buildings were developed and maintained at SAR 1.9 million.

The company said the remaining cash in banks stands at SAR 210.9 million.