Tihama BOD Rescinds Decision to Appeal Ruling Denying Ratification of Financial Restructuring Proposal

Tihama Advertising, Public Relations, and Marketing Co. made an announcement on Wednesday regarding the Board of Directors’ resolution to withdraw the previously planned appeal against the initial ruling by the Ninth Circuit of the Commercial Court in Riyadh. The court had declined to ratify the proposed financial restructuring procedure, leading to the termination of the financial restructuring process for Tihama Advertising, Public Relations, and Marketing Co.

The company informed its shareholders that the Board of Directors arrived at this decision following thorough legal and financial analyses, coupled with consultations with experts in financial restructuring procedures. The Board determined that, in the best interest of the company and to mitigate potential risks and legal consequences, it is prudent to accept the initial ruling of the Commercial Court in Riyadh. Moreover, the issuance of the ruling to conclude the procedure signifies Tihama’s exit from the brink of bankruptcy, allowing it to return to its normal operational state.