Tihama appoints Falcom as financial advisor for capital cut, increase

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co.’s board of directors appointed, on Sept. 5, Falcom Financial Services Co. as financial advisor to reduce capital, followed by an increase through rights issue, the firm said in a statement to Tadawul.

Falcom will also manage the subscription of priority rights shares.

Any further developments in this regard will be announced in due course, the statement said.

In July, Tihama’s board of directors recommended a 42.9% capital cut from SAR 175 million to SAR 100 million, with the aim to restructure the company’s capital to offset accumulated losses, Argaam reported.

The board also recommended a capital increase through SAR 50 million rights issue, to be implemented following the capital cut.

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