The Saudi Stock Exchange (Tadawul) announced that the accumulated losses of Saudi Fisheries Co. has reached SAR 268,467,856, or 50% of its capital
The stock market said that, based on the instructions and procedures related to listed companies with accumulated losses reaching 50% or more of its capital, issued by the board of the Capital Market Authority (CMA) pursuant to its resolution number 4-48-2013 dated 15/1/1435H corresponding to 18/11/2013G, and as a result to the announcement of Saudi Fisheries Co. dated 30/10/2014 that its accumulated losses reached (50.15%) of its capital, and since this percentage of accumulated losses represents 50% or more and less than 75% of its capital, Tadawul under the aforementioned instructions and procedures will do the following:
1. Suspend trading of the company’s shares for two hours from session opening on Sunday the 02/11/2014. Orders maintenance will start from 12:30.
2. Put a yellow flag next to the company’s name on Tadawul website.
The company posted SAR 10,619 thousand net losses for the third quarter of 2014, increasing 14.37% year-on-year from SAR 9,285 thousand but declining 22.9% quarter-on-quarter from SAR 13,773 thousand. At the nine-month level, the company reported SAR 34,711 thousand losses, falling 6.6% from SAR 32,563 thousand a year earlier. The loss per share increased from SAR 0.61 to SAR 0.65.