Tihama says rights issue 83.98% subscribed

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. said its rights issue was 83.98% covered.

In a statement to Tadawul, Tihama added that investors injected SAR 293.92 million, subscribing to 29.39 million out of the 35 million shares on offer.

Subscription to the 5.61 million rump shares will run from April 30 at 10 am to May 1 at 5 pm.

The rump shares will be offered to a number of institutional investors, provided that those institutions bid for the rump shares.

The shares will be allocated to institutional investors pro rata.

In case of under subscription, the remaining shares will be allocated to the underwriter, Alinma Investment Co., that will buy them at the offering price, Tihama concluded.

Subscription to new shares and rights trading started on April 6. The company offered 35 million shares, at SAR 10 each, to increase capital to SAR 400 million from SAR 50 million, Argaam earlier reported.

The rights offering closed on April 25.

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