Tihama revises allocation of rights issue proceeds

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Tihama Advertising and Public Relations Co. announced the issuance of board of directors resolution No. 43, dated Sept. 17, 2024, approving amendments to the allocation of proceeds from its rights issue offering.

In a statement to Tadawul, the company explained that there was a deviation of 5% or more between the actual use of the offering proceeds and the amount initially outlined in the issuance prospectus.

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The company revised the use of the proceeds to cover the increase in investments and acquisition of shares and partnerships, as well as the increase in working capital.

The move is part of the company’s strategy to restructure some strategic sectors and its goal to invest in activities supported by Vision 2030 and other activities.

Any further developments will be announced in due course, the statement added.

Tihama offered 35 million shares at SAR 10 each, raising SAR 350 million from the rights issue to increase its capital from SAR 50 million to SAR 400 million, according to Argaam data.

To view Tihama’s key financial data visit Argaam Charts