Riyadh – Mubasher: Tihama Advertising and Public Relations Co.'s board recommended the reduction of the capital by 50% to offset the company's losses.
The board proposed decreasing the capital to SAR 75 million from SAR 150 million, to reduce the losses of SAR 75 million, according to a bourse statement on Thursday.
The company pinpointed that the capital reduction will not have any impacts on its financial obligations, noting that the move is subjected to obtaining the official and the company's extraordinary general meeting's approvals.
Tihama said that its consolidated losses reached SAR 75 million ($20 million), representing 50% of capital.
