Riyadh - Mubasher: The Capital Market Authority (CMA) approved the request of Alinma Tokio Marine Company to decrease its capital from SAR 450 million to SAR 300 million.
The number of shares will drop from 45 million to 30 million shares, the CMA said on Wednesday in a statement to the Saudi Stock Exchange (Tadawul).
The statement added that the authority's approval is conditional upon the approval of the extraordinary general meeting (EGM) of the company and completion of relevant regulatory procedures and requirements.
Alinma appointed Saudi Kuwaiti Finance House as its financial advisor for managing the company’s capital reduction process.
The company’s profits stood at SAR 1.92 million during the fourth quarter of 2016 against SAR 2.03 million in the same quarter of 2015, reducing its 2016 losses to SAR 17.44 million.
The stock ended Tuesday’s trading session up 0.35% to SAR 17.09.
