Tihama extends ownership transfer period for Wunderman MENA- J Walter merger to Jun. 30

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. signed, on Jan. 7, an agreement to extend 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 June 30, 2022. 

The company said in a bourse filing that there are no costs associated with the extension during the current period. 

The company will announce the financial impact, if any, later. 

According to data compiled by Argaam, Tihama agreed with WPP plc in July 2021 on the merger of J Walter Thompson MENA with Wunderman MENA. 

Tihama will hold 25% of Wunderman Thompson MENA after completing the transfer of legal ownerships 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.   

The agreement was subject to the completion of the transfer of legal ownerships and all other required regulatory approvals before Dec. 31, 2021. 

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