Tihama submits capital cut request to CMA

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Tihama Advertising and Public Relations Co. submitted on May 20 an application to the Capital Market Authority (CMA) for approval to reduce its capital by SAR 226.02 million, according to a statement to Tadawul.

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The capital decrease is subject to the applicable regulatory approvals, including the approval of the company’s extraordinary general assembly.

The company will announce any future developments in this regard later, the statement added. In March, Tihama’s board of directors recommended a 43.5% capital cut to SAR 226.02 million from the current SAR 400 million to restructure capital to amortize accumulated losses, Argaam reported.