Saudi Fisheries shareholders approve capital hike to SAR 400 mln through rights issue

Saudi Fisheries Co.’s (Alasmak) shareholders approved, during the extraordinary general meeting (EGM) held on May 14, a capital increase from SAR 101.1 million to SAR 400 million, through a rights issue of 29.8 million shares, the company said in a bourse statement.

The capital hike is aimed at financing the rehabilitation and operation of Al-Huraida project, the payment of incorporation fees and working capital, as well as debt repayment.

Shareholders approved amending clauses 6, 7, 32, and 33 of the articles of incorporation.

They also approved audited financial statements and audit report for the fiscal year 2019.

In addition, they ratified the board report for the same period and discharging board members from liabilities during FY2019.

Shareholders approved appointing Al Kharashi and Co. an external auditor to audit financial statements for Q2, Q3, Q4, FY2020 and Q1 2021.

The Saudi Stock Exchange (Tadawul) said that the fluctuation limits for Saudi Fisheries Co. today, May 17, will be based on a share price of SAR 16.20.

The Securities Depository Center (Edaa) will deposit the additional shares into investor’s portfolios by June 8.