Alasmak uses SAR 322 mln of rights issue proceeds

Saudi Fisheries Co. (Alasmak) has used SAR 322.4 million from the proceeds of its 2011 rights issue to fund several projects until the end of Q2 2017, the company said in a statement to Tadawul.

The company’s total proceeds reached SAR 335.4 million, while the remaining cash balance amounted to SAR 13.05 million by the end of the same period.

The seafood producer invested SAR 4.9 million to set up a prawn farm, SAR 64 million in a prawn processing plant and SAR 50,000 to support its operations.

Alasmak spent SAR 2.38 million on opening 32 new stores and SAR 4.12 million on reconstructing 34 existing stores.

New additions and upgrades were implemented in the company’s plants at a total value of SAR 6.63 million.

The company purchased a plot of land for its headquarters in Dammam for SAR 39.3 million.

Alasmak also invested SAR 26.9 million in a new fodder​ plant and bought a new transport fleet for SAR 5.7 million. It incurred costs of SAR 2.5 million to maintain its buildings. 

An amount of SAR 13.8 million was spent on floating cages aquaculture project and SAR 94.88 million were used to repay a loan from the National Commercial Bank (NCB) and to offset part of losses.

The Saudi listed company spent SAR 286,000 towards operating expenses.

Direct and indirect expenses associated with the rights issue amounted to SAR 7 million, as was estimated.