Riyadh – Mubasher: The board of Tihama Advertising and Public Relations Company proposed a capital reduction of 42.9% to be followed with a 50% increase, according to a bourse filing on Wednesday.
The company aims to decrease the capital by cancelling 7.5 million shares to stand at SAR 100 million distributed over 10 million shares instead of SAR 175 million and 17.5 million shares.
Tihama intends to restructure the capital to offset the accumulated losses.
The capital cut will be followed by a raise to SAR 150 million distributed over 15 million shares, by adding 5 million shares.
The listed firm aims to pay government financial liabilities through the capital hike.
