Alasmak issues rights offering prospectus for 500% capital hike

Logo of Saudi Fisheries Co. (Alasmak)

Saudi Fisheries Co. (Alasmak) released a prospectus for its planned SAR 334.9 million rights offering. 

The company plans to offer 33.5 million shares at SAR 10 apiece to raise its capital by 500% from SAR 67 million to SAR 401.9 million.

The proceeds will fund the company's investment and operating plan, which is designed to advance its transformation and growth strategy.

The capital top-up will finance the construction of an integrated dates processing plant and its associated logistics infrastructure. It will also be used to repay certain outstanding obligations, including supplier payables and loans, and strengthen working capital.

In April, the Capital Market Authority (CMA) approved Alasmak’s application to raise SAR 334.93 million through a rights issue.

Shareholders will vote on the proposed 500% capital increase through a rights issue at the company's extraordinary general meeting (EGM) scheduled for Sept. 2.

The company said the rights trading and subscription periods will begin on the same day, three business days after shareholders approve the capital hike.

Rights trading will continue through the sixth day of the offering period, while the subscription period will remain open until the ninth day.