SRMG Concludes Acquisition of Thmanyah Company for Publishing and Distribution

Saudi Research and Media Group (SRMG) announced on Tuesday its satisfaction of all the conditions of the acquisition of 51% of the ownership interests of Thmanyah Company for Publishing and Distribution with a total transaction value of SR 33,306,120.

The company said that it obtained all required approvals and completion of all required regulatory formalities and agreed terms for transferring the Sale Shares in Thmanyah Company for Publishing and Distribution (Limited Liability Company) to Arab Media Company on 2021/07/11, including obtaining of the no objection letter in respect of the Transaction issued by the General Authority for Competition and amendment of Thmanyah articles of association to reflect the Transaction.

The company said in a statement on Tuesday on Tadawul that “there are no related parties and there is no direct impact on the SRMG’s obligations.”

The financial impact of this transaction is expected to start from the fourth quarter of the 2021 fiscal year, SRMG added.

This comes with reference to the announcement made by SRMG on 14 July 2021 regarding Arab Media Company’s (one of its subsidiaries) signing of an interest purchase agreement dated 13 July 2021 with Abdulrahman Ali Abumalih, Aseel Salah Baabdullah and Meem Company for Research and Studies, for the purpose of acquiring 51% of the ownership interests of Thmanyah Company for Publishing and Distribution.

The total value of the deal was SR 33,306,120.