Tihama subsidiary signs agreement to transfer assets, liabilities ‎related to its commercial operations for AED 3.7 mln

Tihama Company for Advertising, Public Relations and Marketing announces that its UAE based subsidiary Aventus Global has signed an agreement to transfer assets and liabilities related to its commercial operations for an amount of AED 3.7 million plus the cost of inventory at the date of completion.

With reference to the company’s announcement on Tadawul dated 09-10-1443 H corresponding to 10-05-2022 G pertaining to an agreement between Aventus Global Trading a 100% owned subsidiary, operating in the United Arab Emirates and Nextbite Trading to sell various assets and transfer various obligations related to the transfer of the business operations on an ongoing basis of Aventus.

And the agreement was subject to and conditional on obtaining all necessary approvals from the relevant stakeholders and authorities to complete the process of transferring the franchise rights and the lease commitment contracts.

The company would like to announce to the honorable shareholders that its subsidiary company has obtained the necessary approvals from stakeholders and relevant bodies to complete the transfer of franchise agreement and lease contracts.

Accordingly, the process of transferring assets and liabilities related to the business operations of Aventus Global Trading and the procedures for selling the company’s inventory to the buyer (Nextbite Trading Company) will be completed during the coming period.