Saudi Fisheries cuts accumulated losses to 15.15% of capital

Saudi Fisheries Co. (Alasmak) reduced its accumulated losses to SAR 60.6 million, or 15.15% of its capital as on May 14, 2020, the company said in a statement to Tadawul.

Losses narrowed following a SAR 298.9 million rights issue to increase capital, Saudi Fisheries added.

On May 14, Alasmak’s shareholders approved a capital increase from SAR 101.1 million to SAR 400 million, through a rights issue of 29.8 million shares, Argaam earlier reported.