Logo of Saudi Fisheries Co. (Alasmak)
Saudi Fisheries Co.’s (Alasmak) board of directors amended on Aug. 12 its capital reduction recommendation from 66.2% to 76.08%, according to a Tadawul statement.
|
Key Figures of Capital Reduction |
|
|
Current Capital |
SAR 400 mln |
|
Number of shares |
40 mln |
|
Reduction (%) |
76.1% |
|
New Capital |
SAR 95.68 mln |
|
Number of Shares After Reduction |
9.56 mln |
|
Method |
Writing off 30.43 million shares |
|
Reason |
Restructuring the company’s capital to offset accumulated losses |
In January, the board of directors proposed a 52.89% capital reduction from SAR 400 million to SAR 188.44 million, according to data available on Argaam.
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In May, the board of directors amended its capital reduction recommendation from 52.89% to 66.2%, implying a decrease in capital from SAR 400 million to SAR 135.24 million.
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