Alinma Tokio Marine to raise capital to SAR 450 mln

Alinma Tokio Marine Company said on that it is planning to raise its capital from SAR 200 million to SAR 450 million through rights issue.

The insurer will offer 25 million shares at SAR 10 each to raise its capital by 125 percent, the company added in its statement to Tadawul, Saudi Arabia’s bourse.

The capital raise is pending the general assembly’s approval, which is scheduled for August 4.

Participation in the rights issue will be limited to shareholders registered by meeting’s date.

Alinma Tokio added that it will dedicate SAR 4 million for fees, while the rest of the proceeds will be used to boost its solvency margin and finance future expansions. 

Earlier this month, the Capital Market Authority (CMA) approved the insurer’s capital raise request.