Alinma Tokio Marine Co. has reduced its accumulated losses to SAR 8.9 million, or 2.96 percent of capital, the insurer said in a statement to Saudi bourse, Tadawul.
The company offset SAR 150 million in accumulated losses, on a 33.33 percent capital reduction to SAR 300 million from SAR 450 million through cancelling 15 million shares.
The capital cut will likely have no impact on the company’s financials.
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