Tihama files for CMA approval on capital increase via SAR 350 mln rights issue

19/09/2022 Argaam

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co.  filed, on Sept. 18, for the approval of the Capital Market Authority (CMA) on a capital increase via a SAR 350 million rights issue, according to a bourse filing.  

 

Relevant updates will be duly revealed, the statement added.  

 

Tihama’s shareholders approved a capital cut by 71.43% to SAR 50 million from SAR 175 million, during the extraordinary general meeting (EGM) held on Feb. 23, according to Argaam’s available data.  

 

Capital Increase Details

Capital After Reduction

SAR 50 mln

Number of Shares

5 mln

Capital Increase Percentage

700%

New Capital

SAR 400 mln

Number of Shares

40 mln

Reason

To finance expansions, future investments, boost the working capital and settle financial obligations.

Method

Addition of35 mln shares

Record Date

Shareholders of record on the EGM date, and those registered with Edaa on the second trading day following the EGM date to be determined later.

 

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