Tihama says accumulated losses down to 32.2% of capital as of Sept. 30, 2020

Tihama Advertising and Public Relations Co. said its accumulated losses decreased as of Sept. 30, 2020 to SAR 56.4 million, or 32.2% of its capital amounting to SAR 175 million.

The accumulated losses narrowed as the company increased capital through a SAR 100 million rights issue, which was approved by shareholders in the extraordinary general meeting held on July 15, 2020, the company added in a bourse statement on Thursday, Nov. 12.

Tihama will remain subject to the regulations governing listed companies with accumulated losses of 20% or more of capital, the statement added.