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Tihama Advertising and Public Relations Co. Extends Agreement with WPP to Establish ICG Saudi Arabia
By KlickAnalytics Data Insights | December 31, 2024 01:05PM ET
- New Company creation in KSA to be called ICG Saudi Arabia
- Partners agree to extend the period for another six months until June 30, 2025 for completion of legal ownership transfer and regulatory approvals
In a recent development, Tihama Advertising and Public Relations Co. has announced an extension of its agreement with WPP Group to establish a new company in the Kingdom of Saudi Arabia named ICG Saudi Arabia. The partners involved have agreed to extend the period for another six months, now ending on June 30, 2025, in order to complete the transfer of legal ownership and finalize the required regulatory approvals.
This update comes in reference to the company's previous announcement made on the Saudi Exchange's website on June 30, 2024, regarding the agreement with WPP plc. The extension of the agreement aims to ensure a smooth transition and satisfactory completion of all necessary procedures for the establishment of ICG Saudi Arabia. Any financial impact resulting from this transaction will be accounted for upon completion, based on the assets and liabilities at that time, although the exact impact cannot be reliably estimated at this stage.
TAPRCO assures its shareholders that any material developments related to this agreement will be promptly communicated as the process moves forward, maintaining transparency and accountability throughout the extension period. With the goal of creating a successful new entity in Saudi Arabia, the extension reflects the commitment of all parties involved to establish ICG Saudi Arabia effectively and efficiently.
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