Tihama shareholders approve amending use of rights issue proceeds
The amendment will align with what was previously disclosed, the statement added.
In September, Tihama board of directors approved the amendment to the use of the offering proceeds.
Below is a table summarizing the changes in the proceeds allocation (SAR million):
Tihama confirmed that the revised allocations aim to optimize the use of proceeds in line with the company's strategic goals.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
19 minutes ago
- Argaam
Saudi Arabia set to sign 47 deals worth SAR 24B: Al-Falih
Saudi Arabia's Minister of Investment Khalid Al-Falih said that 47 agreements and memoranda of understanding will be signed in various sectors at a total value of nearly SAR 24 billion during the Saudi-Syrian Investment Forum. In his speech during the forum, Al-Falih indicated that agreements worth more than SAR 11 billion will be signed in the infrastructure and real estate development sectors, including the establishment of more than three new cement plants. Additionally, Saudi telecommunications and technology companies will sign agreements worth nearly SAR 4 billion to develop digital infrastructure and automation, enhance cybersecurity capabilities, and build advanced systems in programming, artificial intelligence, and data centers in Syria. Moreover, Bayt Alebaa Co. will sign an agreement to build a distinguished residential and commercial project in Homs, at a cost estimated at billions of riyals. An agreement will also be signed between the Saudi Tadawul Group and the Damascus Securities Exchange to further strengthen joint cooperation in the field of Fintech, dual listings, financial data exchange, and the launch of investment and financing funds, which will have a motivating impact on investment in Syria, according to the minister. He pointed out that the agricultural sector in Syria is vital and has promising potential, saying he is looking forward to working with the Syrian side to develop qualitative joint projects, including model farms and manufacturing industries, in addition to knowledge and technical exchange. Al-Falih also stated that Crown Prince Mohammed bin Salman has directed the immediate establishment of a Saudi-Syrian Business Council. He highlighted the steps taken by the Syrian government to boost the investment climate, most notably the amendment of the investment law, in addition to initiatives to urgently finalize the investment protection agreement between Saudi Arabia and Syria, which will enter into force soon and with exceptional speed.
Arab News
19 minutes ago
- Arab News
UAE bank assets climb to $1.29tn in April as credit, deposits rise
RIYADH: The UAE's banking sector expanded modestly in April, with total banking assets rising to 4.75 trillion dirhams ($1.29 trillion), driven by higher lending and a sharp increase in non-resident deposits. According to data from the Central Bank of the UAE, total assets, which include bankers' acceptances, increased by 0.6 percent from March, continuing an upward trend amid resilient credit activity and growing liquidity. This comes amid diverging banking trends across the Gulf, with Kuwait reporting a 6.7 percent year-on-year rise in total assets to 93.51 billion dinars ($303 billion) in March, and Saudi Arabia recording a 7.4 percent increase to SR5.3 trillion ($1.41 trillion) in April. Qatar, meanwhile, recorded a marginal 0.1 percent monthly decline, with assets slipping to 2.07 trillion Qatari riyals ($558.9 billion) due mainly to a 0.5 percent drop in domestic holdings. In its latest report, CBUAE said 'the increase in money supply aggregate M1 (which includes physical currency and demand deposits) by 2.6 percent, from AED 986.2 billion at the end of March 2025 to AED 1,011.9 billion at the end of April 2025.' It added: 'The increase was due to AED 26.9 billion growth in monetary deposits, overriding the AED 1.2 billion decrease in currency in circulation outside banks.' The increase was driven by a 0.1 percent rise in resident deposits and a 10.9 percent increase in non-resident deposits, which rose to 275.6 billion dirhams. Gross credit rose 0.9 percent to 2.26 trillion dirhams, supported by a 12.3 billion dirham increase in domestic credit and a 7.1 billion dirham gain in foreign credit. Lending to the private sector rose 0.6 percent, while government and quasi-government sectors saw gains of 0.7 percent and 1.2 percent respectively. Credit to non-banking financial institutions fell 4.3 percent. Within resident deposits, government sector deposits rose by 0.9 percent, private sector deposits by 1.1 percent, while deposits from non-banking financial institutions declined by 9.2 percent. Deposits from government-related entities fell by 6.5 percent. M2, which includes M1 and quasi-monetary deposits, decreased by 0.1 percent to 2.44 trillion dirhams from 2.437.7 trillion dirhams, as quasi-monetary deposits fell by 27.8 billion dirhams. Meanwhile, M3 — the broadest measure including government deposits — rose 0.2 percent to 2.90 trillion dirhams on the back of a 6.6 billion dirham increase in government balances. The monetary base declined by 1.7 percent to 819 billion dirhams at the end of April, compared to 833.1 billion dirhams in March. This was due to a 2.5 percent reduction in currency issued and a 32 percent decline in banks' and financial institutions' reserve accounts. These were partially offset by a 159.8 percent surge in current accounts and overnight deposits held by banks and other financial corporations at the central bank, and a 3.1 percent increase in monetary bills and Islamic certificates of deposit.
Arab News
an hour ago
- Arab News
Egypt records 69.6% YoY rise in remittances
RIYADH: Remittances from Egyptians working abroad rose by 69.6 percent year on year between July and May of the 2024-25 fiscal period, reaching a record $32.8 billion, new figures showed. Data released by the country's central bank show that remittances in May increased 24.2 percent annually to reach about $3.4 billion, representing the highest level of inflows ever recorded in the fifth month of the year, according to a statement. The sharp increase underscores growing confidence among expatriates in the country's financial system and reflects a broader improvement in Egypt's external economic position. This improvement is also linked to recent measures to stabilize the exchange rate and promote formal remittance channels. These policies have contributed to Egypt's net international reserves rising to $48.5 billion at the end of May, up from $47.8 billion in March. In a statement, the central bank noted: 'Likewise, remittances increased during the period January/May 2025 by 59 percent YoY to record around $15.8 billion (compared to about $9.9 billion).' The rebound in remittance flows comes amid broader economic reforms pursued under an International Monetary Fund-backed stabilization program. These reforms have bolstered Egypt's foreign currency position and helped attract more international capital. In May, Prime Minister Mostafa Madbouly announced that Egypt recorded real gross domestic product growth of 3.9 percent during the first half of the fiscal year. Private sector investment surged by 80 percent, while foreign direct investment rose by around 17 percent. Inflation, however, remains a key challenge. The annual urban headline inflation rate accelerated to 16.8 percent in May, up from 13.9 percent in the previous month, mainly driven by continued pressure on non-food prices. These inflation trends come as Egypt's broader economic landscape continues to be shaped by both domestic and global pressures. The government is navigating a delicate recovery amid external shocks, ongoing structural reforms, and efforts to manage public debt. In February, Moody's affirmed Egypt's 'Caa1' long-term foreign and local currency ratings with a positive outlook, citing improved debt servicing capacity, higher reserves, and falling borrowing costs. The ratings agency noted that recent currency devaluation and flotation helped boost foreign exchange reserves and reduce debt vulnerabilities. While a 'Caa1' rating denotes high credit risk, the positive outlook reflects the government's efforts to control inflation and stabilize interest rates. Egypt's credit rating is much lower than that of its Middle East and North African neighbors, such as Saudi Arabia, which was ranked Aa3 with a stable outlook in November, and the UAE, which was rated Aa2 in the same month.
