Logo of Saudi Fisheries Co.
Saudi Fisheries Co. reported a variance of 5% or more from the actual use of its offering proceeds, compared to the information disclosed in the prospectus, according to a statement to Tadawul.
In May 2020, the company’s shareholders approved raising capital by way of a SAR 298.9 million rights offering to SAR 400 million from SAR 101.1 million, Argaam earlier reported.
|
Details of Variance |
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|
Item |
Expected Investment (SAR mln) |
Actual Investment (SAR mln) |
Variance (SAR mln) |
Variance (%) |
Reason |
|
Capital Expenditure |
190 |
50.3 |
139.69 |
73.5 % |
The fish hatcheries and incubators not established yet, and planned for future. |
|
Incorporation Costs and Working Capital |
25 |
85.9 |
(60.87) |
243.5 % |
Due to an unexpected rise in fodder prices after subsidy removal/ The production cycles did not result in the targeted outcomes. |
|
Repayment of Outstanding Loan |
80 |
107.5 |
(27.46) |
34.3 % |
The outstanding loan was settled after receiving the capital proceeds |
|
Offering Costs |
3.9 |
4.2 |
(0.29) |
7.4 % |
Advisory and professional costs, as well as other expenses for a previous period. |
|
Total |
298.9 |
247.9 |
51.07 |
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