Tihama extends agreement with WPP to set up new firm until June 30

Logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. extended the agreement with WPP Group to establish a new company in Saudi Arabia.

In a statement to Tadawul, Tihama said the extension will include the completion of transferring legal ownership and obtaining all other required regulatory approvals before June 30. 

Any financial impact will be recorded based on assets and liabilities on that date upon the deal conclusion, Tihama explained, ruling out the possibility of estimating any reliable impact at present.

Any material developments in this regard will be announced, the company said.

According to data compiled by Argaam, Tihama entered into an agreement, on June 30, 2021, with WPP to create a new joint venture called ICG Saudi Arabia.

In December 2021, the period for completing the transfer of legal ownership and all other regulatory approvals required to establish the company was extended to before June 30, 2022. It was extended again to before Dec. 31, 2022.