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Tihama Advertising and Public Relations Co. Announces an update on Tihama Advertising and Public Relations Co. Announces an update on its announcement that it has agreed with WPP plc to the creation of a new Company in KSA to be called ICG Saudi Arabia
| Element List | Explanation |
|---|---|
| Introduction | With reference to the company's announcement published on the Tadawul on 21-11-1443 H corresponding to 01-07-2021 G regarding signing an agreement by Tihama Advertising, Public Relations and Marketing Company with WPP Group to establish a new company in the Kingdom of Saudi Arabia under the name ICG Saudi Arabia, subject to completion of the transfer of legal ownership and all other required regulatory approvals before December 31, 2021. And the company’s announcement on Tadawul dated 23-05-1443 H corresponding to 27-12-2021 regarding the extension of the period to complete the transfer of legal ownership and all other required regulatory approvals to June 30, 2022. And the company’s announcement on Tadawul dated 02-01-1444 H corresponding to 31-07-2022 regarding the partners agreement on the extension of the period for completing the transfer of legal ownership and all other required regulatory approvals to become before December 31, 2022, as the structure of the agreement has been modified so that the United Advertising Company becomes the new holding company, where WPP Group will transfer some of its owned companies to United Advertising Company and Tihama will waive 20% of its ownership in the United Advertising Company to the WPP Group. Post completion Tihama will hold 30% ownership in the United Advertising Company. The company would like to announce to the shareholders that Partners have agreed on the extension of the period to complete the transfer of legal ownership and all other required regulatory approvals to June 30, 2023 |
| Previous Announcement | Tihama Advertising and Public Relations Co. Announces an update on its announcement that it has agreed with WPP plc to the creation of a new Company in KSA to be called ICG Saudi Arabia |
| Date of Previous Announcement on Tadawul's Website | 2022-07-31 Corresponding to 1444-01-02 |
| Percentage of fulfilled achievement | Not applicable |
| Event's Expected Completion Date | It cannot be determined at this time |
| Reasons for Exceeding the Announced End Date | completion of the transfer of legal ownership and all other required regulatory approvals |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Any financial impact arising from the transaction will be booked on completion, based on the assets and liabilities at that date – any potential impact cannot be reliably estimated at this time. |
| Impact of the Delay on the Company's Financial Results | Not applicable |
| Additional Information | The company will announce any material 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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Last Price 16.0
Net Change -0.01 (-0.06%)
Value Traded (Sar) 2,351,658.53
Volume Traded 146,723
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