The board of Saudi Fisheries Company recommended a 52.89% capital reduction to SAR 188.44 million from SAR 400 million.

The number of shares will be 18.84 million following the cut, instead of 40 million shares, according to a bourse disclosure.

The board’s proposal aims to offset the ‎company's ‎accumulated losses.‎ There is no material impact ‎from the capital reduction ‎on the ‎financial, operational, or ‎regulatory commitments, or ‎performance.‎

Subject to the extraordinary general assembly’s approval, Saudi Fisheries will cancel 21.15 million ‎shares of its ‎stock.‎

At a later time, the company will announce the ‎appointment of a financial ‎advisor as well as the date of submitting the application file.‎

In the first nine months (9M) of 2023, Saudi Fisheries reported net losses after Zakat and tax valued at SAR 39.33 million, an annual increase of 16.53% from SAR 33.75 million.

Revenues grew by 9.22% year-on-year (YoY) to SAR 42.66 million in 9M-23 from SAR 39.06 million.

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