Saudi Arabia’s Capital Market Authority (CMA) has approved Tihama Advertising and Public Relations Co.’s request to reduce capital to SAR 75 million from SAR 150 million, the kingdom’s market regulator said in a statement to the Saudi bourse (Tadawul) on Wednesday.
Tihama will cancel 7.5 million outstanding shares from 15 million under the capital cut, which is subject to the approval of regulatory parties and the firm’s extraordinary general assembly.
Last December, Tihama’s board recommended a 50 percent capital reduction (one share for every two shares) to offset the company’s accumulated losses.
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