SRMG board approves plan to restructure non-operating subsidiaries

07/05/2024 Argaam
Logo ofSaudi Research and Media Group (SRMG)

Logo of Saudi Research and Media Group (SRMG)

Saudi Research and Media Group’s (SRMG) board of directors decided today, May 7, to initiate the legal restructuring of some of its non-operating and wholly owned subsidiaries.

 

This will involve either voluntary liquidation, deregistration, or conversion into branches, in accordance with the prevailing regulations and laws in the geographical jurisdiction of each company, following the completion of necessary procedures.

 

In a statement to Tadawul, SRMG said the legal restructuring of some of its subsidiaries is part of its plan review framework.

 

The restructuring will not have a significant financial impact on SRMG’s unified financial statements after the completion of the aforementioned procedures, nor will it affect the group's media platforms and trademarks.

 

The number of concerned non-operating subsidiaries, wholly owned by SRMG, is 26 companies, including 10 companies in Saudi Arabia, five companies in the UK, and four companies in the UAE. Among them are News Hub Limited, My Lady Limited, Arab Media Co., LLC., Seen Multimedia Co., and Numu Advertising Co.

 

Refer to the complete list of companies in the attached document below:

List of Companies

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