Alinma Tokio Marine recommends 33% capital cut to offset losses
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The board of directors of Alinma Tokio Marine Co. has recommended a 33.33 percent capital cut from SAR 450 million to SAR 300 million through cancelling 15 million shares to offset the company’s accumulated losses, the company said in a statement to Tadawul.
The capital cut decision is unlikely to have relevant financial impact. The proposal is subject to the approval of the company’s general meeting.