Riyadh — Mubasher: Saudi Fisheries Company announced a new strategic direction following an emergency board meeting on 4 October, convened after shareholders rejected a proposed rights issue capital increase on 27 September.
The board approved a plan to evaluate alternative capital restructuring and operational shifts to ensure business continuity.
The company is studying a capital increase through the contribution of two land plots in Riyadh and Jeddah, granted under a royal order dated 29 July 2012.
This non-cash transaction is expected to reduce state-linked liabilities by SAR 45 million to SAR 55 million. Additionally, the board is considering a pivot of its current aquaculture and wholesale operations to become an investment entity within the food sector.
To address liquidity, Saudi Fisheries is working to finalize the sale of a 51% stake in Al Haridha Aquaculture Company, with the financial impact expected in 2027.
The plan also includes selling unutilized assets and negotiating debt settlements with creditors. The company warned that failure to execute these strategic options could lead to legal proceedings under insolvency or liquidation frameworks.
