Tihama extends period to complete legal ownership transfer of establishing new Company

With reference to the company’s announcement published on the Tadawul on 01-07-2021 regarding signing an agreement by Tihama Advertising, Public Relations and Marketing Company with WPP Group to establish a new company in the Kingdom of Saudi Arabia under the name ICG Saudi Arabia, subject to completion of the transfer of legal ownership and all other required regulatory approvals before December 31, 2021.
And the company’s announcement on Tadawul dated 27-12-2021 regarding the extension of the period to complete the transfer of legal ownership and all other required regulatory approvals to June 30, 2022.
And the company’s announcement on Tadawul dated 31-07-2022 regarding the partners agreement on the extension of the period for completing the transfer of legal ownership and all other required regulatory approvals to become before December 31, 2022, as the structure of the agreement has been modified so that the United Advertising Company becomes the new holding company, where WPP Group will transfer some of its owned companies to United Advertising Company and Tihama will waive 20% of its ownership in the United Advertising Company to the WPP Group. Post completion Tihama will hold 30% ownership in the United Advertising Company.
The company said on Tadawul that any financial impact arising from the transaction will be booked on completion, based on the assets and liabilities at that date – any potential impact cannot be reliably estimated at this time.