Saudi Fisheries Co. (Alasmak) submitted on Tuesday a request to increase capital through a rights issue to the Capital Market Authority (CMA), the company said in a bourse statement.

 

Any updates in this regard will be announced in a timely manner, the statement added.

 

Last month, the company’s board of directors recommended a capital hike to SAR 400 million from SAR 101.1 million through a rights issue of SAR 298.9 million, according to data available on Argaam.

 

In December 2018, Alasmak’s shareholders approved a 49.45 percent capital cut to SAR 101.1 million from SAR 200 million to offset accumulated losses.

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