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Logo of Tihama Advertising and Public Relations Co.
Tihama Advertising and Public Relations Co.’s (TAPRCO) shareholders approved the board of directors’ recommendation to amend the use of proceeds from the SAR 350 million rights issue, during the general meeting, held on June 23, according to a statement to Tadawul.
The amendment will align with what was previously disclosed, the statement added.
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In September, Tihama board of directors approved the amendment to the use of the offering proceeds.
Below is a table summarizing the changes in the proceeds allocation (SAR million):
|
Changes in Proceeds Allocation (SAR million) |
|||||
|
Item |
Offering Prospectus |
Actually Spent |
Proposed |
Change |
Change % |
|
Support of Working Capital |
12.85 |
12.91 |
22.67 |
9.82 |
76 % |
|
Investments, Acquisitions, & Partnerships |
154.00 |
165.50 |
174.00 |
20.00 |
13% |
|
Retail Segment Expansion & Restructuring |
33.59 |
17.26 |
17.26 |
(16.33) |
(49%) |
|
Education Sector Expansion |
15.97 |
15.40 |
25.40 |
9.43 |
59 % |
|
Production, & Entertainment Expansion |
7.99 |
0.60 |
3.50 |
(4.49) |
(56%) |
|
Advertising Network Expansion & Enhancement |
17.45 |
-- |
-- |
(17.45) |
(100%) |
|
Settlement of Liabilities Under Final Court Rulings |
28.45 |
15.60 |
28.45 |
-- |
-- |
|
Repayment of Obligations to Financiers |
20.91 |
20.75 |
20.75 |
(0.16) |
(1%) |
|
Repayment of Obligations to Government Entities |
31.81 |
6.76 |
31.81 |
-- |
-- |
|
Offering Expenses |
26.99 |
26.17 |
26.17 |
(0.82) |
(3%) |
Tihama confirmed that the revised allocations aim to optimize the use of proceeds in line with the company’s strategic goals.
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