‎Saudi Fisheries EGM rejects capital hike proposal

September 28, 2026

‎Saudi Fisheries EGM rejects capital hike proposal

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Saudi Fisheries shareholders reject a proposed 500% capital increase through a SAR 334.93 million rights issue.

Saudi Fisheries Co.‘s shareholders rejected a board recommendation to increase the company’s capital by 500% to SAR 401.92 million from SAR 66.99 million through a SAR 334.9 million rights issue.

This came during the extraordinary general meeting (EGM) held on Sept. 27.

In a statement to Tadawul, the company said votes in favor of the proposal accounted for 72.36%, while 26.77% voted against and 0.87% abstained.

Meanwhile, shareholders approved the election of board members for the next three-year term, starting Oct. 25. The elected members are Abdulaziz Al-Humaid, Abdulmajeed Al Al-Sheikh, Mansour Al-Sagheer, Mohammed Al-Razouq, and Rayan Al-Mansour.

According to Argaam data, Saudi Fisheries’ board recommended in February 2025 increasing the company’s capital through a rights issue worth SAR 334.93 million.

Planned Use of Proceeds

Use of proceeds

Investment in dates trading and establishment of a plant for dates processing industries and related logistics services

250

Settlement of accrued expenses

20.19

Repayment of loans

3.90

Settlement of creditors

13.84

Working capital financing

32.96

Offering costs

14.04

Total

334.93

The Capital Market Authority approved in April 2026 the company’s application to increase its capital through a rights issue.

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