Tihama placed on two-hour trading halt after reporting losses

01/08/2016 Argaam

The Saudi Stock Exchange (Tadawul) has placed a two-hour trading halt on shares of Tihama Advertising and Public Relations Co. (Tihama) after the company posted SAR 82.4 million in accumulated losses, equal to 54.9 percent of its capital.

 

The company’s board has recommended using SAR 30.1 million from its statutory reserve to offset the losses, which it attributed to rising expenses over the years.

 

Tihama’s Q1 losses this year reached SAR 10.2 million, compared to SAR 11.5 million in the same period last year, data compiled by Argaam showed.

 

The halt will start from 11:30 am local time.

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