Saudi Fisheries rights trading, subscription period starts today

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Saudi Fisheries Co.’s (Alasmak) subscription to new shares and the rights trading starts today, June 8, 2020.

Rights trading will end on June 15, while a subscription to the new shares will close on June 18.

The Saudi company will offer 29.89 million shares, at SAR 10 each, and each shareholder is entitled to subscribe to 2.96 rights for each outstanding share.

Rightsholders are entitled to subscribe to the new shares partially or fully pro-rata. The remaining shares will be reoffered to institutional investors.

In case of under subscription, the underwriters, Falcom Financial Services, will subscribe to these rights.

On May 14, Alasmak’s shareholders approved a capital increase from SAR 101.1 million to SAR 400 million, through a rights issue of 29.8 million shares, Argaam earlier reported.

Key Figures of the Capital Hike

Current Capital SAR 101.1 mln
Number of shares 10.1 mln
Hike % 295.7%
New Capital SAR 400 mln
New number of shares 40 mln

Key Figures of the Rights Issue

Number of rights issue shares 29.89 mln
Offering price SAR 10
Offering size SAR 298.9 mln
Beginning of rights issue trading period and new shares subscription June 8, 2020
End of rights issue trading period June 15, 2020
End of new shares subscription period June 18, 2020
Record date May 14, 2020 (including those registered at the Securities Depository Center two business days following this date)
Use of rights issue proceeds Financing restructuring plan and projects operations, covering establishing costs, working capital and loan repayment.

Additional Information

Financial Advisor, lead manager and underwriter Falcom Financial Services

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