Saudi Fisheries gets regulatory approval on capital hike

The Capital Market Authority (CMA) approved Saudi Fisheries Co.'s (Alasmak) request to increase capital through a SAR 298.9 million rights issue, the company said in a bourse statement.

Shareholders of record on the second trading day after the extraordinary general meeting will be entitled to subscribe to the increase.

In October, the company’s board of directors recommended a capital hike to SAR 400 million from SAR 101.1 million through a rights issue of SAR 298.9 million, according to data available on Argaam.

In December 2018, Alasmak’s shareholders approved a 49.45% capital cut to SAR 101.1 million from SAR 200 million to offset accumulated losses.