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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