Riyadh – Mubasher: Alinma Tokio Marine announced that its accumulated losses reached SAR 158.3 million by the end of 2016, representing 35.2% of capital.

The company attributed the increase to the accumulation of losses of the previous operating expenses incurred by the company for the sake of its establishment, as well as the accumulative effect of the claims.

In case the extraordinary general meeting (EGM) of the company approved a requested capital cut, accumulated losses will be reduced from 35.19% to 2.78% of the paid-in capital, according to a bourse filing on Wednesday.

The Saudi-listed company noted that it will apply a number of procedures and instructions issued by the Capital Market Authority (CMA) concerning the listed companies of which accumulated losses reached 20% or more of capital.