Logo of Tihama Advertising and Public Relations Co.
Tihama Advertising and Public Relations Co.’s (Tihama) shareholders will hold a third extraordinary general meeting (EGM) on April 2 to vote on the board of directors’ recommendation on increasing capital through a SAR 350 million rights issue, the company said in a statement to Tadawul.
|
Details of Rights Issue |
|
|
Current Capital |
SAR 50 mln |
|
Number of Shares |
5 mln |
|
Percentage Increase |
700% |
|
New Capital |
SAR 400 mln |
|
New Number of Shares |
40 mln |
|
Reason for Capital Hike |
Finance expansion plans and future investments, support working capital, and pay financial dues |
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Capital Increase Method |
Offering 35 mln rights issue shares at a total value of SAR 350 mln |
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Record Date |
April 2, 2023 (Shareholders of record on the date of EGM that decides the capital increase and who are registered with Edaa by the end of the second trading day following the EGM date) |
Shareholders will also vote on amending Article No. 7 of the company’s bylaws, which is related to the capital, and Article No. 8 related to shares subscription.
The company's EGM (third time) is considered valid regardless of the shares represented in it.
The EGM was first scheduled to be held on Feb. 26, 2023, in order to decide on the rights issue. However, it was postponed due to lack of quorum.
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