SR 200 million insurance company to be established

Saudi Marine Tokyo Company for Cooperative Insurance with a capital amounting to SR 200 million announced today that it will offer 30% of its capital for public subscription on Monday. The Chief Executive Officer of Al-Inma Bank and Chairman of the Company's Founding Committee, Abdulmohsen Al-Faris pointed out in a press conference that the Council of Ministers has approved the new company as a Saudi joint stock company under establishment with a capital divided into 20 million shares with a nominal value of SR10 per share, noting that the founders have subscribed to 70% of the capital.