Riyadh – Mubasher: The Capital Market Authority (CMA) has approved Tihama Advertising and Public Relations Company’s request to reduce its capital by SAR 125 million.

The company aims to cut the capital from SAR 175 million distributed over 17.50 million shares to SAR 50 million and 5 million shares, according to a bourse filing on Thursday.

Tihama’s extraordinary general meeting (EGM) will still have to grant its approval and complete necessary regulatory procedures.

The company earlier announced the submission of its capital decrease file to the CMA on 9 February.

Tihama also aims to later increase its capital by SAR 350 million through priority rights shares.