Tihama Assembly Reduces Capital to SR50 mln to Amortize Accumulated Losses

The Board of Directors of Tihama Advertising, Public Relations and Marketing announced on Thursday the results of the Extraordinary General Assembly (Third Meeting) held on Wednesday, 23.02.2022.

The assembly was held through modern technology and the voting was done through Tadawulaty. The percentage of attending shareholders is 9.46.

Voting Results on the Items of the General Assembly’s Meeting Agenda’s:

1. Approved the Board’s recommendation regarding decrease of the Company’s capital, as the following:

A. Capital before reduction: (SR175,000,000)

B. Capital after reduction: (SR50,000,000)

C. Capital reduction percentage: 71.428%

D. Number of shares before the reduction: (17,500,000) shares

E. Number of shares after reduction: (5,000,000) shares

F. Reason for capital reduction: Restructuring the company’s capital to amortize part of the accumulated losses

G. Method of capital reduction: Cancellation of 12.5 million shares, where (1) share will be canceled for every (1.4) shares

H. The impact of the capital reduction on the company’s obligations, operations, financial, operational, or organizational performance: none

I. Date of reduction: the end of the second trading day following the convening of the extraordinary general assembly in which it was decided to reduce the capital

2. Approve the amendment of Article (7) of the company’s articles of association related to the capital

3. Approve the amendment of Article (8) of the company’s articles of association.