Tihama EGM to discuss rights issue not held for lack of quorum

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising & Public Relations Co. (Tihama) said its extraordinary general meeting (EGM) was not held on Feb. 26 due to lack of a quorum.

The meeting agenda included discussion on increasing capital through a rights issue, according to a statement to Tadawul.

The attendance rate for the first meeting was 9.19% and for the second meeting, scheduled an hour after the first, was 9.32%.

The third meeting will be held with the attendant shareholders. In case of approving the capital increase, shareholders of record on the EGM date and those registered with the Securities Depository Center (Edaa) at the end of the second trading day following the EGM date will be eligible.

Shareholders were to vote on a capital hike through a SAR 350 million rights issue, according to data available with Argaam.

The company plans to offer 35 million shares at SAR 10 each to increase capital by 700%.