Logo of Tihama Advertising and Public Relations Co.
Shareholders of Tihama Advertising and Public Relations Co. approved the board’s recommendation to raise capital through a SAR 350 million rights offering, during the extraordinary general meeting (EGM) held on April 2, according to a statement to Tadawul.
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Capital Increase Highlights |
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Current capital |
SAR 50 mln |
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Number of shares |
5 mln |
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Increase percentage |
700% (7 shares for each share held) |
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Capital after increase |
SAR 400 mln |
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Shares after increase |
40 mln |
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Reason |
Finance the company’s future investments and expansion plans, support working capital, and fulfill financial obligations |
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Record date |
April 2, 2023 (shareholders of record on the EGM date and those registered with Edaa by the close of the second trading day after the EGM). |
Tihama added that shareholders rejected amending Article No. 15 of the company’s bylaws on capital reduction and adding Article No. 24 with regard to sale of the company’s assets.
They also disapproved adding Article No. 29 on proxy attendance at meetings and the validity of the board resolution and amending Article 59 on the company termination. Article No. 60 on appointing a liquidator was also rejected.
The shareholders disapproved the remuneration policy of the board, its sub committees and the executive management.
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