Alinma Tokio shareholders’ approve capital cut

11/05/2017 Argaam

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.

 

Capital reduction details

Current Capital

SAR 450 mln

Number of shares

45 mln shares

Capital cut percent

33.33% (1 share for every 3 shares)

New capital

SAR 300 mln

New number of shares

30 mln shares

Method of capital cut

Cancelling 15 mln shares

Reasons

Restructuring the company’s capital to offset accumulated losses and support company’s future growth

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