Saudi Fisheries Co. (Alasmak) issued prospectus for its SAR 298.8 million rights issue, the company said in a bourse filing.
Alasmak set the offering price at SAR 10 a share, to increase capital from SAR 101.1 million to SAR 400 million, through floating 29.89 million shares.
The rights issue proceeds net of offering fees and costs will be used for rehabilitation of projects, payment of incorporation fees and working capital, as well as debt repayment.
Alasmak shareholders will discuss on March 5 the board’s recommendation to increase capital, following the approval of the Capital Market Authority (CMA), Argaam reported.
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Capital Hike Details |
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Current Capital |
SAR 101.1 mln |
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Current number of shares |
10.1 mln |
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Capital hike percentage |
295.7% |
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Post-increase capital |
SAR 400 million |
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Post-increase number of shares |
40 mln |
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Rights Issue Details |
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Number of right shares |
29.89 million shares |
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Offering price per share |
SAR 10 |
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Size of issue |
SAR 298.9 mln |
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Record date |
The second day after the extraordinary general meeting day |
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Rights issue proceeds |
Rehabilitation of projects, payment of incorporation fees and working capital, and debt repayment. |
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Additional Details |
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Financial advisor and underwriter |
Falcom Financial Services |
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