Tihama's subsidiary gets approvals to transfer franchise rights, lease contracts

Logo of Tihama Advertising and Public Relations Co. 

Tihama Company for Advertising, Public Relations and Marketing announced that its wholly-owned subsidiary, Aventus Global Trading, has obtained the necessary approvals from stakeholders and relevant bodies to complete the transfer of franchise rights and lease contracts, the company said in a bourse filing today, Oct. 4.

Accordingly, the process of transferring assets and liabilities related to the business operations of Aventus Global Trading and the procedures for selling the company’s inventory to Nextbite Trading Company (buyer) will be completed during the coming period.

The company expects the transaction to be completed on Oct. 31, 2022.

The financial impact of the transaction cannot be determined at this time, as it depends on the actual date of executing the transfers of assets, liabilities, and inventory of the company. Any material developments will be announced in due course.

Tihama said in May that its UAE-based subsidiary, Aventus Global Trading, signed an agreement to transfer the assets and liabilities of its commercial operations for a total of AED 3.7 million plus the cost of inventory on the sale transaction date, according to Argaam's data.