Saudi Fisheries Revises BOD Recommendation to Reduce Capital by 76.08% to SAR 95.7 Million

The Saudi Fisheries Company announced that its Board of Directors, in a decision made by circulation on August 12, 2024, has revised its recommendation to amend the percentage reduction in capital from 66.2% to 76.08%. The capital prior to the reduction was SAR 400 million, which will be decreased to SAR 95.68 million to restructure the company’s capital and offset accumulated losses. The reduction will be achieved through the cancellation of 30,431,560 shares.

This decision follows the company’s previous announcements on the Tadawul website dated January 2, 2024, regarding the initial recommendation for capital reduction, and on May 20, 2024, regarding the amendment to the percentage of the reduction.