Saudi Fisheries recommends capital cut to offset losses

Saudi Fisheries Co. (Alasmak) said its board of directors has recommended a 62.64 percent capital reduction to SAR 200 million, after accumulated losses exceeded 50 percent of capital, the company said in a statement on Tadawul.

Asmak also hired Falcom Financial Services as a financial advisor for the capital cut, as part of the company’s restructuring plan.

Earlier this month, the Saudi market regulator, the Capital Market Authority (CMA), said Tadawul-listed companies that have accumulated losses exceeding 50 percent of their capital will be forced into liquidation under a new corporate law, unless they fix their finance.