Riyadh – Mubasher: The board of Tihama Advertising and Public Relations Company has changed the value of its capital raise recommendation, which took place on 14 July 2021, to become SAR 350 million through a rights issue, according to a recent bourse disclosure.
The capital will amount to SAR 525 million after the 200% hike, from SAR 175 million. Accordingly, the number of shares will jump by 35 million shares to 52.5 million shares from 17.5 million shares.
Tihama noted that increasing the capital aims at financing its expansion plans and future investments while supporting working capital and disbursing government financial dues.
The board’s amendment decision is subject to the approval of the related authorities and the extraordinary general assembly.
