Saudi Fisheries shareholders to discuss capital cut April 19

Saudi Fisheries Co. (Alasmak) has invited shareholders to discuss a 62.64 percent capital reduction at the extraordinary general meeting (EGM) to be held on April 19, 2017, it said in a statement to Saudi bourse, Tadawul.

Alasmak proposes to cut its capital to SAR 200 million from around SAR 535 million by writing down 33.54 million outstanding shares.

The company, which owns fish and shrimp farms, submitted its application to reduce capital to the Saudi market regulator, the Capital Market Authority (CMA), after accumulated losses exceeded 50 percent of capital.