Tihama Advertising & Public Relations Co.’s board of directors today recommended a capital increase via a SAR 100 million rights issue, the company said in a bourse filing.
The capital increase, which is pending regulatory approvals, will go for financing expansions, in addition to offsetting the accumulated losses.
Tihama appointed Falcom Financial Services to advise on the rights issue.
Last month, Tihama trimmed its accumulated losses to SAR 13.76 million, or 18.4 percent of capital as on Dec. 31, 2018.
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