Riyadh – Mubasher: The Capital Market Authority (CMA) approved Saudi Fisheries Co’s (Al Asmak) request to decrease its capital from SAR 535.4 million to SAR 200 million.

Subsequently, the number of shares will be reduced from 53.5 million shares to 20 million shares, according to a bourse filing on Tuesday.

The company noted that the approval is subject to the outcome of the extraordinary general assembly (EGM) and the completion of the necessary procedures in relation to the applicable regulations.

In February, Al Asmak submitted a request to the CMA to reduce its capital by 62.64% to restructure the company’s capital and be in line with the New Companies Law.