Logo of Saudi Fisheries Co. (Alasmak)
Saudi Fisheries Co.’s (Alasmak) board of directors changed on Oct. 17 its capital reduction recommendation to 83.25%, according to a Tadawul statement.
The capital will be reduced to SAR 66.99 million from SAR 400 million.
|
Capital Reduction Highlights |
|
|
Current Capital |
SAR 400 mln |
|
Number of Shares |
40 mln |
|
Reduction (%) |
83.25% |
|
New Capital |
SAR 66.99 mln |
|
Number of Shares After Reduction |
6.7 mln |
|
Method |
Writing off 33.3 million shares |
|
Reason |
Restructuring the company’s capital to offset accumulated losses |
According to data available with Argaam, the board recommended in January a 52.89% capital reduction from SAR 400 million to SAR 188.44 million, to offset accumulated losses.
In May, the company amended the capital reduction to 66.2% from 52.89%.
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