Riyadh – Mubasher: Saudi Fisheries Company (Alasmak) on Tuesday announced appointing FALCOM Financial Services (FALCOM) as a financial advisor to manage its rights issue for its capital raise, according to a statement to the Saudi Stock Exchange (Tadawul).

In May 2018, Alasmak’s board of directors proposed reducing the company’s capital by 41.75% to SAR 116.5 million from SAR 200 million to be raised afterwards through rights issue.

In August 2018, the Saudi firm hired FALCOM as a financial advisor for its capital cut.

In December 2018, the company’s extraordinary general meeting (EGM) approved slashing its capital by 49.45% to SAR 101.1 million from SAR 200 million in a bid to offset SAR 98.9 million of its accumulated losses.