RIYADH: Shares in Saudi-based marketing firm Tihama slipped by 1.44 percent in today’s trading session.

This came following the company’s plans to reduce its capital by 71 percent, which was approved by the Saudi stock market regulator today.

This entails decreasing the company’s capital from SR175 million ($46.6 million) to SR50 million, according to the Capital Market Authority.

Formally known as Tihama Advertising and Public Relations, the company saw its losses shrink by 18 percent in the last nine months of 2021.

Net losses reached SR30.6 million, compared to SR37.4 million a year earlier, a bourse filing earlier revealed.

The firm said that losses narrowed due to opening new branches and the gradual recovery from the pandemic which had earlier hit the advertising industry as a whole.

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