“Saudi Fish” shares jumps 1.52% after extinguishing its accumulated losses

The share of the Saudi Fish Company, which is traded and traded in the Saudi stock market “Tadawul”, jumped by 1.52% when closing trading today, Wednesday, to trade at the price of 148.40 riyals per share, after extinguishing its accumulated losses.

932.98 thousand shares of the Saudi Fish Company shares were traded at that time, with a value of trading 141.34 million riyals.

The highest price for the share at that time was at 157 riyals, while the lowest price was at 147.40 riyals.

The increase in the share price came after the Saudi Fish Company announced the extinguishing of all its accumulated losses, to 0% now.

The company explained that the reason for the decrease in accumulated losses is due to the reduction of capital from 400 million riyals to 66.98 million riyals, by 83.2%, with the aim of extinguishing the accumulated losses.

The company indicated that this procedure was made according to the decision of the extraordinary general assembly that was held last Monday, which included approval to reduce capital.

The extraordinary general assembly of the shareholders of the Saudi Fish Company approved the recommendation of the Board of Directors to reduce capital by 83.25%, becoming 400 million riyals to 66.99 million riyals.

The company stated that its shares will decrease from 40 million shares to 6.7 million shares, after the cancellation of 33.3 million shares.

She emphasized that reducing capital aims to restructure the capital and extinguish the accumulated losses, noting that this reduction does not affect the company’s financial obligations, operations, or financial, operating or organizational performance.