RIYADH: Tihama Advertising and Public Relations Co.’s shares soar in early trading, after receiving the Capital Market Authority’s clearance to increase its capital by 700 percent.
Tihama’s shares jumped 9.81 percent, leading the market’s gainers at SR105.20 ($28), as of 10:15 a.m. Saudi time.
The marketing firm’s capital will be increased from SR50 million to SR400 million, according to a bourse filing.
Tihama is issuing rights worth SR350 million for the capital increase.
The final clearance is subject to the approval of the shareholders and the completion of the necessary procedures.