Tihama Advertising, Public Relations and Marketing Company Announces an update on the company's capital reduction application submitted to CMA
| Element List | Explanation |
|---|---|
| Introduction | Referring to the announcement of Tihama Advertising, Public Relations and Marketing Company (“the Company”) on the Tadawul website on 25/09/1446H (corresponding to 25/03/2025G) regarding the recommendation of its Board of Directors to reduce the Company’s capital, and to the announcement of the Company on the Tadawul website on 20/02/1447H (corresponding to 14/08/2025G) regarding the amendment of the Board of Directors’ recommendation
Referring to the announcement of the Tihama Advertising and Public Relations and Marketing Co announcement on the Saudi Exchange’s website on 23/11/1446H (corresponding to 21/05/2025G) regarding the Company’s submission of a capital decrease file to the Capital Market Authority (“CMA”), the Company is pleased to inform its esteemed shareholders of the issuance of the CMA’s approval on 23/04/1447H (corresponding to 15/10/2025G) on the Company’s request to decrease its capital, as per the details mentioned below. |
| Date of Announcing the Application on Saudi Exchange’s Website | 2025-05-21 Corresponding to 1446-11-23 |
| Date of Submitting the File | 2025-05-20 Corresponding to 1446-11-22 |
| Application Status at CMA | The CMA issued it 23/04/1447H (corresponding to 15/10/2025G) on the Company’s application to reduce its Capital from (400,000,000) Saudi Riyals to (229,216,630) Saudi Riyals, and thus reducing the number of shares from (40,000,000) ordinary shares to (22,921,663) ordinary shares by canceling (17,078,337) ordinary shares, at a reduction rate of (42.70%) to restructure the company's capital to extinguish the accumulated losses. The reduction date will be the end of the second trading day following the Extraordinary General Assembly in which the capital reduction was approved.
It should be noted that this approval is conditional upon obtaining the approval of the Extraordinary General Assembly to reduce the company's capital and completing the relevant procedures and regulatory requirements. |
| Other Substantial Updates | The CMA issued its approval of the Company’s application to reduce its capital after the Company fulfilled CMA's regulatory requirements and comments relating to the capital reduction application file. |
| Additional Information | The Company will publish the invitation in due course. The Company will publish the Shareholders’ Circular containing the proposed method of reducing the capital and the expected effects of that capital reduction, timely before the extraordinary general assembly meeting, so that the shareholders can vote on the resolution to reduce the capital of the Company.
The Company will announce any material developments as required by applicable rules. |
Comments