Riyadh – Mubasher: Tihama Advertising and Public Relations Company on Thursday said its accumulated losses fell to SAR 56.4 million as of 30 September 2020.

This represents 32.2% of the company’s capital, which totals SAR 175 million as of 30 September, according to a stock exchange filing.

The drop in accumulated losses came after the company had enacted a SAR 100 million capital increase via a rights issue, in line with the approval of the extraordinary general meeting (EGM) on 15 July 2020.

Tihama added that the procedures and instructions relating to Tadawul-listed companies whose accumulated losses reached 20% or more of the capital shall continue to apply to the company.

During the six-month period ended on 30 September, the company swung to net losses of SAR 9.7 million.