Tihama board amends capital hike recommendation to SAR 350 mln rights issue

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co.'s board of directors approved today, Jan. 2, amending its recommendation to increase capital by SAR 350 million instead of SAR 50 million, according to a bourse statement.

Since its appointment on Oct. 14, 2021, the board has taken the initiative to study the company's financial position, the results of business sectors, the developments of financial issues and claims, as well as the investment opportunities available in the market, and the best options available to achieve the best return for shareholders. The study is conducted in light of all changes and developments of the company’s financial position.

The company indicated that it is difficult currently to set the expected completion date of this event, adding that there are no costs associated with the event during the current period.

Alinma Investment Co. was appointed as a financial advisor for the offering.

Tihama will announce further developments upon submitting the capital increase request to the Capital Market Authority (CMA).

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