Saudi Fisheries Co. (Alasmak) has used SAR 229.8 million from the proceeds of its 2011 rights issue to fund several projects until the end of Q1-2017, the company said in a statement to Tadawul on Wednesday.
The company’s total proceeds reached SAR 335.4 million, while the remaining cash balance amounted to SAR 108.8 million by the end of the same period.
The seafood producer invested SAR 4.9 million to set up a prawn farm, SAR 64 million in a prawn processing plant and SAR 50 million to support its operations.
Alasmak spent SAR 2.38 million on opening 32 new stores and SAR 4.12 million on reconstructing 34 existing stores.
New additions and upgrades were implemented in the company’s plants at a total value of SAR 6.46 million.
The company purchased a plot of land for its headquarters in Dammam at SAR 39.2 million.
Alasmak also invested SAR 26.9 million in a new fodder plant and bought a new transport fleet for SAR 5.67 million. It incurred costs of SAR 2.49 million to maintain its buildings.
Direct and indirect expenses associated with the rights issue amounted to SAR 7 million. No difference was observed in capital increase costs, the company added.
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