Saudi Fisheries approves a SAR 65 million- fish and shrimps processing facility

Saudi Fisheries Co., Alasmak, which is 40 percent owned by the government’s Public Investment Fund, approved on April 9 a SAR 65- million fish and shrimps processing facility in Asir, southwest of Saudi Arabia.

Trial commercial operation of the project, scheduled to start in August 2014, will begin in January 2017. It will be financed by cash raised through the company’s 2011 rights issue, the company said in a statement to the Saudi bourse, Tadawul.

The company plans to export frozen processed products to the EU, US and Japanese markets, while fresh products will be sold in the Saudi market.

Alasmak’s board has approved to spend the 2011 rights issue proceeds on expansion projects, according to Argaam.

The Dammam-based company owns a fleet of fishing vessels and seafood farms and processing plants as well as retail shops across the kingdom.