Tihama Advertising and Public Relations Co. announces the latest developments as the company announces the issuance of the Commercial Court’s ruling approving the opening of financial restructuring procedure.
| Element List | Explanation |
|---|---|
| Introduction | Tihama Advertising, Public Relations, and Marketing Co. announces the decision of the Board of Directors to cancel the previous decision to file an appeal against the preliminary ruling issued by the Ninth Circuit of the Commercial Court in Riyadh, which refused to ratify the proposal for a financial restructuring procedure and to terminate the financial restructuring procedure for Tihama Advertising, Public Relations and Marketing Co, which was announced on Trading site on 04 / 07 / 1445 corresponding to 16 / 01 /2024
The company clarifies to the shareholders that the Board of Directors took this decision after comprehensive legal and financial studies and after seeking the opinions of specialists in financial restructuring procedures. The Board saw that it was in the company’s interest, and to avoid any risks and any other legal repercussions, to accept the preliminary ruling issued by the Commercial Court in Riyadh, in addition to the issuance of the ruling to terminate the procedure means that the company will exit the path of bankruptcy and return to its normal case. |
| Previous Announcement | Tihama Advertising and Public Relations Company announces the latest developments as the company announces the issuance of the Commercial Court’s ruling approving the opening of financial restructuring procedure. |
| Date of Previous Announcement on Saudi Exchange’s Website | 2024-01-16 Corresponding to 1445-07-04 |
| Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
| Latest Developments Of The Announced Event | Tihama Advertising, Public Relations, and Marketing Co. announces the decision of the Board of Directors to cancel the previous decision to file an appeal against the preliminary ruling issued by the Ninth Circuit of the Commercial Court in Riyadh, which refused to ratify the proposal for a financial restructuring procedure and to terminate the financial restructuring procedure for Tihama Advertising, Public Relations and Marketing Co, which was announced on Trading site on 04 / 07 / 1445 corresponding to 16 / 01 /2024 |
| Reasons For The Delay on The Date of The Event Previously Announced | Not applicable |
| The costs associated with the event, and if they have changed or not with indication of the reasons. | Not applicable |
| Delay consequences on the Company’s financial results | Not applicable |
| Additional Information | Not applicable |
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