Tihama to finalize 35% stake acquisition in subsidiary by April 1

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Tihama Advertising and Public Relations Co. expects to complete all regulatory formalities to acquire an additional 35% stake in its subsidiary, Integrated Production Company for Audiovisual Media Production, on April 1, 2021.

The company said in a bourse statement that it fulfilled 90% of the formalities of the deal, noting that the extended timeframe is required to complete the relevant formal procedures.

According to data compiled by Argaam, Tihama signed in February 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. The final date was further extended till March 2, 2021, for the purpose of completing remaining legal procedures.

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