Alinma Tokio’s losses fall below 50%; Tadawul to change status

Alinma Tokio Marine Co.’s accumulated losses fell to SAR 134.45 million, representing 29.9 percent of its capital, the company said in a statement to Tadawul on Monday.

The company will be suspended for two hours from trading and all accumulated losses flags will be removed from its name on Tadawul’s website.

The insurer’s recent SAR 250 million rights issue was said to be the main factor behind the narrowed loss.

The company had offered 25 million shares at about SAR 10 per share to raise its capital from SAR 200 million to SAR 450 million, according to reports published by Argaam.