| Element List |
Explanation |
| Introduction |
Tihama Advertising, Public Relations and Marketing Company announces the signing of a memorandum of understanding with Majal Al Soura for Communications and Information Technology Corporation and Integrated Production Corporation for Artistic Production to acquire an additional share in its subsidiary (Integrated Production Company for Audio and Visual Media Production) upon reaching a final agreement between the parties. |
| Date of signing the Memorandum of Understanding |
2021-01-13 Corresponding to 1442-05-29 |
| Memorandum Duration |
The MOU shall be deemed effective from the signing date for a period of (90) days, and it is renewable with the approval of all parties. |
| Name of the Counterparty |
Majal Al Soura for Communications and Information Technology Corporation and Integrated Production Corporation for Artistic Production |
| Name of Financial Advisor of Each Party |
Not applicable |
| Major Terms in the Memorandum |
Negotiation to reach a final agreement for the Tihama Advertising, Public Relations and Marketing Company to acquire an additional share from its subsidiary (Integrated Production Company for audiovisual media production) |
| Related Parties |
Majal Al Soura for Communications and Information Technology Corporation and Integrated Production Corporation for Artistic Production as partners of the Tihama Advertising, Public Relations and Marketing Company in its subsidiary (Integrated Production Company for audio and visual media production) |
| Actions to be Taken by the Company during the Memorandum’s Duration |
Evaluation and preliminary agreements between parties |
| Approvals |
The proposed transaction is subject to approval of the relevant authorities |
| Additional Information |
The MOU is in implementation of the company's strategies for growth and expansion, especially in light of the large and accelerating growth witnessed in the Production sector. In line with the Kingdom's vision (2030) and the company’s belief in its role in supporting and empowering vital sectors, empowering distinguished Saudi youth, localizing industry, and supporting local production in general. |
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