Saudi Fisheries Co.’s (Alasmak) shareholders approved a 49.45 percent capital cut to SAR 101.1 million from SAR 200 million, the company said in a bourse statement.
The step aims to restructure the company’s capital and offset SAR 98.9 million accumulated losses.
In a separate statement, the Saudi Stock Exchange (Tadawul) said that the fluctuation limits for Alasmak will be based on a share price of SAR 71.20.
The company will also be suspended for two business days starting from Thursday Dec. 27, until the Securities Depository Center Co. (Edaa) reflects shares reduction on investors’ portfolios, lifting the suspension of trading will be at the end of Sunday Dec. 30.
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Key Figures of the Capital cut |
|
|
Current Capital |
SAR 200 mln |
|
Number of shares |
20 mln shares |
|
Cut (%) |
49.45% (1 for every 2.0222 shares) |
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New Capital |
SAR 101.1 mln |
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New number of shares |
10.11 mln shares |
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Method |
Writing off 9.89 mln shares |
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Deriver |
Restructure the company’s capital and offset SAR 98.9 million accumulated losses |
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