Riyadh, Saudi Arabia— The stock of Tihama Advertising and Public Relations Co. climbed 10 percent on Thursday, after receiving the Capital Market Authority’s clearance to increase its capital by 700 percent.
Its shares jumped 9.81 percent, continuing to lead the market’s gainers since early trade at $28.
According to a bourse filing, the marketing firm’s capital will be increased from $13.33 million to $107 million.
Tihama is issuing rights worth $93.33 million for the capital increase.
The final clearance is subject to the approval of the shareholders and the completion of the necessary procedures.