Alasmak shareholders to vote on capital cut on Dec. 26

26/11/2018 Argaam

 

Saudi Fisheries Co.’s (Alasmak) shareholders are set to vote on a 49.45 percent capital cut to SAR 101.1 million from SAR 200 million, on Dec. 26, 2018.

 

The process aims to restructure the company’s capital and offset accumulated losses.

 

Key Figures of Capital cut

Current Capital

SAR 200 mln

Number of shares

20 mln shares

Cut (%)

49.45% (1 for every 2.022 shares)

New Capital

SAR 101.10 mln

New number of shares

10.11 mln shares

Method

Writing off 9.98 mln shares

Deriver

To restructure the company’s capital and offset accumulated losses

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