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Tihama Advertising, Public Relations and Marketing Company announces that its subsidiary (Tihama Education Company) has signed a non-binding memorandum of understanding with the Cluster 2 Airports Company to finalize the contract to launch 14 retail branches in airports operated by Cluster 2 Airports Company
| Element List | Explanation |
|---|---|
| Introduction | Tihama Advertising, Public Relations and Marketing Company announces that its subsidiary (Tihama Education Company) has signed a non-binding memorandum of understanding with the Cluster 2 Airports Company to finalize the contract to launch 14 retail branches in airports operated by Cluster 2 Airports Company |
| Memorandum Signing Date | 2023-02-20 Corresponding to 1444-07-29 |
| Counterparty | Cluster 2 Airports Company |
| Memorandum Subject | The two parties agreed to finalize the contracting process to launch 14 retail branches operated by Tihama Education Company under the WH Smith brand, at airports operated by Cluster 2 airports Company in the Kingdom of Saudi Arabia, with lease contracts for a period of three years, where the value of these contracts will be agreed upon between the two parties. According to the available spaces and the lease fees. Tihama Education Company operates retail units at airports under an exclusive franchise for the WH Smith brand, and this memorandum will contribute, in the event of conclusion of rental agreements for retail units, to the development of the successful partnership existing between Tihama and WH Smith and to expand the range of units operated under WH Smith brand franchise, which also includes retail units at King Abdulaziz International Airport in Jeddah and King Khalid International Airport in Riyadh. Cluster 2 Airports Company manages and operates (22) regional, local and tourist airports in the Kingdom of Saudi Arabia. |
| Memorandum Duration | This memorandum shall be effective from the date of its signing for a period of four weeks, during which contracts are concluded, and ends in the event of the expiry of the agreement period. In the event of signing lease contracts, this memorandum shall be replaced, by the contracts and appendices. |
| Related Parties | None |
| Financial Impact | The financial impact will be announced upon signing the lease agreements in the event that final agreements are reached between the two parties. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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