Riyadh – Mubasher: Tihama Advertising and Public Relations Company on Sunday said a total of 8.677.641 million shares of the newly offered shares have been subscribed at a value of SAR 86.776 million.

The company’s rights issue was subscribed by 86.78%, according to a bourse disclosure.

The remaining shares, which amount to 1.322.359 million, will be reoffered to a number of institutional investors, where they will submit purchase offers. The remaining shares will be allocated to investment institutions on a pro-rata basis; with priority given to those offering higher prices, provided that the prices are not less than the offering price.

Moreover, the remaining share amount, if any, will be purchased by the underwriter at the offering price. 

The reoffering process will take place from 11 to 12 August, the statement concluded.