Alinma Tokio Marine recommends 33% capital cut to offset losses

16/02/2017 Argaam

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.

 

Capital reduction details

Current Capital

SAR 450 million

Number of shares

45 million shares

Capital cut percent

33.33% (or 1-for-3 share)

New capital

SAR 300 mln

New number of shares

30 mln shares

Method of capital cut

Cancellation of 15 mln shares

Reasons

To offset accumulated losses

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.