Riyadh – Mubasher: Tihama Advertising and Public Relations Co’s extraordinary general meeting (EGM) has approved a capital reduction of 50% to cover accumulated losses.

Tihama’s capital will accordingly be reduced to SAR 75 million from SAR 150 million, according to a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

Tihama’s fluctuation limits for Sunday, 16 April, will be based on a share price of SAR 44.02, the statement added.

The EGM, held on Thursday, also approved the amendment of several articles of association.

Tihama’s stock closed Thursday’s trading session down 0.18% to SAR 22.01.

The company’s accumulated losses reached SAR 89.6 million, representing 59.73% of capital by the end of March 2017.