Saudi Fisheries Company reduces capital by 83 percent to cover losses
Date
1/27/2025 2:30:48 AM
(MENAFN) The Saudi Fisheries Company (Al-Asmak) announced that its extraordinary general assembly approved an 83.25 percent capital reduction to address accumulated losses. The disclosure was published on the Saudi Stock Exchange (Tadawul) website on Monday.
The assembly approved decreasing the company’s capital from SAR 400 million (approximately USD106.64 million) to SAR 66.98 million (around USD17.86 million). This reduction is intended to restructure the company’s finances and eliminate accumulated losses. Following the reduction, the number of shares will be reduced to 6.69 million.
As part of the capital restructuring, Al-Asmak confirmed that 33.3 million of the company’s shares will be canceled. This measure is aimed at improving the company’s financial health and ensuring more sustainable operations moving forward.
The company also noted that the capital reduction will apply to shareholders who own shares on the date of the extraordinary general assembly meeting. These shareholders must be registered in the company’s shareholder register at the Securities Depository Center by the end of the second trading day after the meeting where the capital reduction was approved.
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