Tihama amends voting date on company’s financial reorganization proposal to December 18

Tihama Advertising and Public Relations Company announced on Monday that the meeting date for the shareholders has been amended. It is to be on Monday, 18 – 12 – 2023, from 06:00 pm to 08:00 pm.

Voting and attendance will be electronically via the link, supervised by the Financial Reorganization trustee appointed by the Commercial Court in Riyadh, Mr. Osama Al-Sudais. According to Article (46) of the Executive Regulations of the Bankruptcy Law, the owners’ meeting shall not be held except in the presence of owners representing at least 25% of the company’s capital.

Voting will begin at 10 a.m. Thursday, 14 – 12 – 2023, until the end of the meeting, which will start Monday, 18 – 12 – 2023, from 6 pm. to 8 pm., via the link. Every shareholder registered in the company’s shareholder register at the Depository Center at the end of the trading session preceding the meeting has the right to attend the meeting.

Regarding the company’s update posted on the Tadawul website on 07-12-2022, which disclosed a court ruling from the Commercial Court in Riyadh approving the commencement of the company’s financial reorganization procedures. The announcement also mentioned the appointment of Osama Al-Saudis’ office as a trustee for overseeing the financial regulation process. The court had granted the company a 150-day period, starting from the procedure’s initiation date, to prepare the financial reorganization proposal.

Subsequent announcements on Tadawul, dated 06-06-2023 and 11-06-2023, revealed that the financial reorganization trustee submitted a request to extend the suspension of claims and the proposal submission period. The trustee’s request, submitted on 15-05-2023, was scheduled for a court session on 16-06-2023.

On 14-06-2023, the company reported an extension in the deadline for submitting the financial reorganization proposal. The Commercial Court in Riyadh granted an additional 150 days, starting from 03-05-2023, until 29-09-2023 (14-03-1445). A subsequent update on 27-09-2023 conveyed that Mr. Osama Al-Sudais, the Secretary of the Financial Reorganization Procedure, had delivered the financial reorganization proposal to the Commercial Court in Riyadh.

The latest announcement on 22-11-2023 reported that the Ninth Circuit of the Commercial Court in Riyadh, in its session on the same day, accepted the company’s financial reorganization proposal. A voting session for creditors via electronic communication (ZOOM) was scheduled for Thursday, 14-12-2023, from 12:00 am to 3:00 pm, with the link to be provided to creditors before the voting period. Additionally, a shareholder voting session was set for Thursday, 14-12-2023, at 6:00 pm, with further details on shareholder voting procedures to be announced later.