Riyadh – Mubasher: The Capital Market Authority (CMA) has approved the request of Saudi Fisheries Company (Alasmak) to increase its capital through a rights issue, according to a bourse statement on Thursday.

Alasmak plans to raise its capital to SAR 400 million from SAR 101.1 million through a SAR 298.9 million rights issue.

The company recently appointed Falcom Financial Services as the financial advisor to manage the capital hike.

The increase will be limited to the shareholders who are registered in the shareholders' registry at the Security Depository Center as of the closing of the second trading day after the extraordinary general assembly meeting, which will be determined by the Company’s board of directors at a later date.

The offering price and the number of shares offered for subscription will be determined by the company after the market closing of the same day in which the extraordinary general assembly meeting will be held.