CMA approves Alinma Tokio Marine’s capital cut

Saudi Arabia’s Capital Market Authority has approved Alinma Tokio Marine Co.’s request to reduce its capital by 33.3 percent from SAR 450 million to SAR 300 million, the market’s regulator said in a statement on Tadawul Wednesday.

The company’s capital cut, which aims to offset accumulated loses, will result in reducing listed shares to 30 million from 45 million.

The move is pending approval from the insurer’s extraordinary general assembly, and completion of necessary procedures.