Alinma Tokio Marine Co.’s general assembly on Wednesday approved a 33.33 percent capital reduction to SAR 300 million from SAR 450 million, to offset accumulated losses, the company said in a statement on Tadawul.
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Capital reduction details |
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Current Capital |
SAR 450 mln |
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Number of shares |
45 mln shares |
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Capital cut percent |
33.33% (1 share for every 3 shares) |
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New capital |
SAR 300 mln |
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New number of shares |
30 mln shares |
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Method of capital cut |
Cancelling 15 mln shares |
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Reasons |
Restructuring the company’s capital to offset accumulated losses and support company’s future growth |
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