RIYADH: Tihama Advertising and Public Relations Co.’s shares soar during Thursday, after receiving the Capital Market Authority’s clearance to increase its capital by 700 percent.
Tihama’s shares jumped 9.81 percent, continuing to lead the market’s gainers since early trade at SR105.20 ($28).
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.