“Tihama” announces the extension of the agreement to establish a new company with “WPP” for mid-2023

Tihama Advertising, Public Relations and Marketing Company announced that the partners have agreed to extend the period for completing the transfer of legal ownership and all other required regulatory approvals in relation to the agreement signed with the “WPP” group to establish a new company in the Kingdom of Saudi Arabia to be before June 30, 2023.

And the company stated in a statement on “Tadawul Saudi Arabia”, today, Sunday, that any financial impact resulting from the transaction will be recorded based on the assets and liabilities on that date upon completion.

The company added: “It is not possible to estimate any potential impact reliably at present… and we will announce any material developments in this regard.”

On June 30, 2021, the company entered into an agreement with the “WPP” group to establish a new company in the Kingdom of Saudi Arabia under the name “ICG Saudi Arabia”, then the period for completing the transfer of legal ownership and all other regulatory approvals required for the establishment of the company was extended to be before June 30, 2022. Then it was extended to be before December 31, 2022.