Tihama announces measures as accumulated losses reach 66.3% of capital

Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. announced the measures to be taken and the time limit after its accumulated losses reached 66.3% of the capital.

The company said in a bourse filing that it announced on June 30, that the accumulated losses reached 50% or more of the capital, and informed the board of directors.

The company further stated that Aug. 28 is the last day for the board of directors to call for the extraordinary general assembly (EGM), and Dec. 26, 2021, is the last day for EGM to be held to address the accumulated losses as stated in Article 150 of the Companies Law.

In case of the non-conveying of the EGM within 180 days from the date of it came to the knowledge of board of directors regarding the accumulated losses, expiring on Dec. 31, 2021, or in case the EGM did not resolve the subject matter, the company will be lapsed by the force of the law.