Tihama to challenge preliminary ruling in ex-CEO case

Tihama decides to challenge and appeal the decision within the prescribed period.

Tihama Advertising, Public Relations and Marketing Co. received a preliminary ruling from the Committee for Resolution of Securities Disputes in the lawsuit filed against former board member and CEO Abdulaziz Al-Suwailem.

In a statement to Tadawul, the company said the ruling found a lack of jurisdiction over certain claims, deemed other claims inadmissible for procedural and regulatory reasons, and rejected the remaining claims.

Tihama noted that the ruling did not address the merits of some claims, as they were excluded on jurisdictional and procedural grounds.

After reviewing the ruling and its rationale with its legal advisors, the company decided to exercise its legal right to challenge and appeal the decision before the competent authority within the prescribed period.

Tihama added that it will disclose any material developments in accordance with relevant regulations and procedures, while continuing to take all necessary legal actions to protect its rights and the rights of its shareholders.