Tihama inks MoU to buy stake in Hashikom restaurant chain’s parent company

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. signed, on March 24, a non-binding memorandum of understanding (MoU) with Masar AlUla Trading Co. to mull the former’s potential acquisition of a partial stake in the latter.

 

Based in Saudi Arabia, Masar AlUla owns and operates the Hashikom restaurant chain. It boasts extensive experience in the restaurant management and investment sector, Tihama said in a statement to Tadawul today, March 26.

 

For more news and details on M&As

 

The MoU covers legal and financial due diligence, an assessment by an accredited appraiser, and completion of the necessary requirements to ensure that the acquired activity does not conflict with those authorized by the first party. This is in addition to obtaining the necessary regulatory approvals for both parties, Tihama added.

 

It also pointed out that the MoU is valid for one year from the signing date. It can be renewed under a written agreement concluded between the two parties.

 

There are no related parties to the deal, Tihama stated, noting no financial impact at present. Any future financial impact will be duly announced.

 

Both parties wish to develop their business in the field of sports activities, sports projects, customer requests, and seek to obtain services, including but not limited to: sponsorship and activation, organizing sports events, producing digital content, producing sports photography and video, marketing sports assets and rights, sports media, sports intellectual property, and representing sports talents, Tihama said.
 
Furthermore, both parties aim to turn this MoU into a long-term, mutually beneficial partnership agreement. The MoU is intended to develop the joint business and agree on the terms under which the parties will cooperate and is not intended to form, create or recognize any form of alliance, joint venture, company, or any legal entity, it added.
 
The parties will act as independent companies in carrying out the MoU. Nothing in this MoU will be construed as granting the parties the right to act or make commitments of any kind on behalf of the other party without the prior written consent of the other party.
 
Tihama also noted that there are no related parties and there is no current financial impact, adding that it will announce any future financial impact and any material developments in this regard.

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