Tihama inks pact to acquire 35% stake in Integrated Production for SAR 7.25 mln

04/02/2021 Argaam

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Tihama Advertising and Public Relations Co. signed today, Feb. 4, 2021, an agreement to acquire an additional 35% stake in its subsidiary, Integrated Production Company for Audiovisual Media Production, for SAR 7.25 million.

 

Accordingly, Tihama’s ownership in Integrated Production Company will increase to 70% in the subsidiary. It expects to complete all regulatory formalities on Feb. 15, 2021.

 

The company also indicated that the transaction follows its growth and expansion strategy, especially in the light of the large and accelerating growth witnessed in the production sector, in line with the Vision 2030.

 

The company signed a memorandum of understanding (MoU) on Jan. 13, 2021, with Majal Al Soura for Communications and Information Technology Corporation and Integrated Production Corporation for Artistic Production to acquire an additional stake in Integrated Production Co.

 

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

 

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