AI Summary
Logo of Tihama Advertising and Public Relations Co.
Tihama Advertising and Public Relations Co.'s board of directors recommended today, March 25, a 43.49% capital cut from SAR 400 million to SAR 226.02 million, to restructure the company's capital to amortize accumulated losses.
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Capital Cut Details |
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Current Capital |
SAR 400 mln |
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Number of Shares |
40 mln |
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New Capital |
SAR 226.02 mln |
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New Number of Shares |
22.60 mln |
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Reduction (%) |
43.49% |
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Method |
Writing off 17.39 mln shares |
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Reason |
To restructure the company's capital to amortize accumulated losses |
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Date of Reduction |
End of the second trading day after the EGM date |
The company said no material impact on its financial, operational, regulatory obligations, operations, or performance will result from the planned capital reduction, according to a Tadawul statement. The board's recommendation is still subject to approvals of the relevant official authorities and the deciding extraordinary general meeting (EGM).
An announcement will be made later when a financial advisor is appointed, as well as when the capital cut file is submitted to the Capital Market Authority (CMA) for approval, it added.
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