Tihama approves SAR 100 mln capital top-up

Tihama Advertising and Public Relations Co.'s shareholders approved the board's recommendation to increase capital from SAR 75 million to SAR 175 million through a SAR 100 million rights issue, the company said in a bourse filing.

This came during the company's extraordinary general meeting (EGM) held on July 15, 2020.

The capital increase will be directed to funding the company's expansions and offsetting accumulated losses. 

Shareholders also approved amending a number of articles of incorporation as regards capital increase and share subscription, the statement added.

In a separate statement, the company clarified that the capital will increase by 133.33%, equivalent to SAR 1.33 per share.

The fluctuation limit will be based on a stock price of SAR 19.26 as on Thursday, July 16.

Rights will be deposited in shareholders' portfolios on Monday, July 20, 2020.

In January, the Capital Market Authority (CMA) approved the company's request to increase capital to find expansions, Argaam reported.