Logo of Tihama Advertising and Public Relations Co.
Tihama Advertising and Public Relations Co.'s board of directors approved today, Jan. 2, amending its recommendation to increase capital by SAR 350 million instead of SAR 50 million, according to a bourse statement.
Since its appointment on Oct. 14, 2021, the board has taken the initiative to study the company's financial position, the results of business sectors, the developments of financial issues and claims, as well as the investment opportunities available in the market, and the best options available to achieve the best return for shareholders. The study is conducted in light of all changes and developments of the company’s financial position.
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Rights Issue Details |
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Current capital |
SAR 175 mln |
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Current number of shares |
17.5 mln |
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Capital hike |
200% |
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New capital |
SAR 525 mln |
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New number of shares |
52.5 mln |
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Reason of capital increase |
To finance expansion plans and future investments, as well as support working capital and pay government financial obligations. |
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Method |
Offering 35 mln shares |
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Record date |
Shareholders of record on the date of the extraordinary general meeting (EGM) that will decide on the capital hike, including those registered with Edaa on the second trading day following the EGM date that will be set later. |
The company indicated that it is difficult currently to set the expected completion date of this event, adding that there are no costs associated with the event during the current period.
Alinma Investment Co. was appointed as a financial advisor for the offering.
Tihama will announce further developments upon submitting the capital increase request to the Capital Market Authority (CMA).
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