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Tihama Advertising and Public Relations Co. signed a memorandum of understanding (MoU) with Majal Al Soura for Communications and Information Technology Corporation and Integrated Production Corporation for Artistic Production to acquire an additional stake in its subsidiary, Integrated Production Co., for audio and visual media production, upon reaching a final agreement between the parties.
The MoU, signed on Jan. 13, 2021, shall be deemed effective from the signing date for a period of 90 days, and is renewable with the approval of all parties, the company said in a bourse statement.
The deal is a related party transaction as Majal Al Soura and Integrated Production Corporation are partners of the Tihama in its subsidiary, Integrated Production Co. for audio and visual media production.
During the MoU period, evaluation and preliminary agreements between parties will be concluded, the statement added.
The proposed transaction is subject to approval of the relevant authorities.
The MoU is in implementation of the company's strategies for growth and expansion, particularly, in the light of the large and accelerating growth witnessed in the production sector in line with Vision 2030 and the company’s belief in its role in supporting and empowering vital sectors, empowering distinguished Saudi youth, localizing industry, and supporting local production in general, the company also said.
Tihama currently holds 35% stake in Integrated Production Co., according to data compiled by Argaam.
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