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Tihama Advertising, Public Relations, and Marketing Co. announces the decision of its Board of Directors to approve taking procedures regarding companies that do not carry out activities
| Element List | Explanation |
|---|---|
| Announcement Detail | Tihama Advertising, Public Relations, and Marketing Company announces the decision of its Board of Directors NO(23 ), which was approved on 21/ 03 / 2024 and includes taking liquidation and voluntary liquidation procedures regarding companies that do not carry out activities and annually cost the company financial losses and legal risks, after reviewing the Board of Directors legal and financial study of the general situation of the subsidiaries and sister companies, out of concern for the Board of Directors. To protect the company and its interests and correct the legal conditions to address the company’s situation to reduce and stop financial losses and legal risks and to implement the company’s strategic plan, the Board decided the following: First: Approval to begin voluntary liquidation procedures for the following companies: 1- Rapid Advertising Company for Publicity and Advertising 2- Estidama International Real Estate Company 3- Tihama International Advertising Company 4- Tihama New Media Company for Advertising and Advertising 5- Tihama Holding Company for Commercial Investment Second: Approval to begin liquidation procedures under the bankruptcy system for the Tihama Modern Library Company Third: Continuing the voluntary liquidation procedures for the International Services Company Fourth: Taking the necessary legal measures regarding the following companies: 1- Saudi Advertising Materials Company Ltd. 2- Gulf Systems Development Company 3- Renewable Technology Company Fifth: Follow up with National Consolidated Distribution Company regarding developments in the submitted bankruptcy application. Sixth: Follow up on the legal situation and study the legal procedures necessary to liquidate, write off, or exit from the following companies, which Located outside the Kingdom: 1- Aventus Global Company 2- United Journalists Company 3- Tihama Global Company 4- Fogo Company the financial impact is not yet clear, and The company will announce about any developments in this regard |
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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