Logo of Tihama Advertising and Public Relations Co.
Tihama Advertising and Public Relations Co. announced that, with regard to its announcement that it has agreed with WPP plc to the merger of the J Walter Thompson MENA business with the Wunderman MENA business to create Wunderman Thompson MENA EC, a holding group based in the Kingdom of Bahrain, the partners agreed on the extension of the period to complete the transfer of legal ownership and all other required regulatory approvals to May 31, 2023.
The company also said the achievement percentage reached 95%, noting that the delay in the previously-announced date was due to completing ownership transfer procedures and all other required regulatory approvals.
It indicated that the steps required to complete all the share transfers are now in process.
Tihama also said the related financial impact cannot be determined at this time, adding that the financial impact will be announced later, if any.
The company announced, in June 2021, an agreement with WPP plc to merge J Walter Thompson MENA, an associate of Tihama, with Wunderman MENA, which will lead to the creation of Wunderman Thompson MENA EC, according to Argaam's data.
Tihama will hold 25% of Wunderman Thompson MENA on completion of the transfer of legal ownership and other required regulatory approvals. Tihama’s share of the results of the company's performance will be reported in its financials, as a share of the results of an associate company.
The company had said that the agreement was subject to the completion of the transfer of legal ownership and all other required regulatory approvals before Dec. 31, 2021. This deadline was extended in January 2022 to be before June 30, 2022, then it was extended last July to be before Sept. 30, 2022, then extended last October to be before Oct. 31, 2022. Last November, the deadline extension was made to be before Dec. 31, 2022, and finally extended last January to be before Feb. 28, 2023.
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