Tihama extends ownership transfer period for Wunderman MENA-J Walter merger to Oct. 31

Logo of Tihama Advertising and Public Relations Co. 

Tihama Advertising and Public Relations Co. announced extending the period of completing the legal ownership transfer and other regulatory approvals for the merger of J Walter Thompson MENA, an associate of Tihama, with Wunderman MENA to create Wunderman Thompson MENA EC to Oct. 31.

In a statement to Tadawul, Tihama said the expected completion date cannot be determined at this moment. In addition, the associated costs cannot be determined at this time and the financial impact, if any, will be announced later.

In July 2021, Tihama agreed with WPP plc on the merger of J Walter Thompson MENA with Wunderman MENA, according to Argaam. 

Tihama will hold 25% of Wunderman Thompson MENA after completing the transfer of legal ownership and other required regulatory approvals. Tihama's share in Wunderman Thompson MENA's financial results will be recognized as an associate in the financial statements.