Riyadh – Mubasher: Alinma Tokio Marine Company obtained the approval of the Saudi Arabian Monetary Agency (SAMA) on its capital decrease by 33.3% from SAR 450 million to SAR 300 million.
The firm will meet all the requirements of the other official bodies and apply all the relevant rules and regulations, according to a bourse filing on Thursday.
The company's board recommended reducing the capital for restructuring, in order to offset the accumulated losses and support future growth. Saudi Kuwaiti Financial House was appointed as the financial adviser of the capital cut.
Alinma posted SAR 1.92 million in profits in the fourth quarter of 2016 against SAR 2.03 million losses in the year-ago period to decrease its losses to SAR 17.44 million in 2016.
