Falcom to advise on Alasmak’s capital cut

Saudi Fisheries Co. (Alasmak) has appointed Falcom Financial Services to advise on its capital reduction, the company said in a statement to Tadawul on Wednesday.

In May, Alasmak’s board of directors recommended a 41.75 percent capital cut to around SAR 116.5 million from SAR 200 million to write off accumulated losses worth SAR 83.5 billion.

The capital reduction will be carried out by writing off 8.35 million shares, with 5 shares to be cancelled for every 12 shares held. Following this, the total number of shares will be reduced to around 11.65 million shares from 20 million.

Following the capital cut, Alasmak plans to increase capital to SAR 300 million through a rights issue of SAR 183.5 million.