Tihama to finalize acquisition of 35% stake in Integrated Production by March 2

16/02/2021 Argaam

Tihama Advertising and Public Relations Co. expects to complete all regulatory formalities to acquire an additional 35% stake in its subsidiary, Integrated Production Co. for Audiovisual Media Production, on March 2, 2021, the company said in a bourse filing today, Feb. 16, 2021.

 

Tihama added that it fulfilled 90% of the formalities of the deal, noting that the extended timeframe was required to complete the remaining legal procedures.

 

The delay will not have an impact on the financial results, the statement clarified.

 

Tihama signed on Feb. 4, 2021, an agreement to raise its ownership to 70% in the subsidiary, for SAR 7.25 million, and estimated to finalize the relevant formal procedures on Feb. 15, 2021, according to data compiled by Argaam.

 

Tihama, currently, holds a 35% stake in Integrated Production Co.

 

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