Alinma Tokio Marine gets SAMA’s nod on capital cut

02/03/2017 Argaam

Alinma Tokio Marine Co. has obtained the approval of the Saudi Arabian Monetary Agency (SAMA) on its proposal to reduce capital to offset accumulated losses, the company said in a statement to Tadawul on Thursday.

 

The company’s board has earlier recommended a 33.33 percent capital cut from SAR 450 million to SAR 300 million through cancelling 15 million shares (one share for each three outstanding shares), Argaam reported. 

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