Tihama shareholders to vote on capital cut on Feb. 16

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co.'s shareholders will vote on reducing the company’s capital by 71.43% from SAR 175 million to SAR 50 million, during the extraordinary general assembly meeting (EGM) to be held on Feb. 16, the company said in a statement to Tadawul.

Accordingly, the number of shares will be reduced from 17.5 million to 5 million.

The capital cut is aimed to restructure the company's capital to amortize part of the accumulated losses. It will be carried out through cancelling 12.5 million shares at the end of the second trading day following the EGM date.

The e-voting on the agenda item will start from Feb. 14, until the time the general assembly meeting ends via Tadawulaty services.

On Feb. 10, Tihama obtained the approval of the Capital Market Authority (CMA) on its request for a capital reduction by SAR 125 million, according to data compiled by Argaam.