Tihama Advertising and Public Relations Co. on Tuesday called off its extraordinary general meeting due to the lack of quorum, the company said in a statement.
The date of the next meeting will be determined after obtaining regulatory approvals.
Shareholders were scheduled to discuss a proposal to reduce capital to SAR 75 million from SAR 150 million by canceling 7.5 million outstanding shares.
Last December, Tihama’s board recommended a 50 percent capital reduction (one share for every two shares) to offset the company’s accumulated losses, data compiled by Argaam showed.
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