Logo of Tihama Advertising and Public Relations Co.
Tihama Advertising and Public Relations Co. announced that the fifth circuit at the Riyadh Commercial Court rejected today, March 6, the appeal filed by the former against the primary ruling earlier issued by the court’s ninth circuit.
The ruling dismisses the ratification of Tihama’s financial reorganization application, leading to the pursuit’s termination.
In a statement to Tadawul, the company said the primary ruling to conclude the financial reorganization is considered final, and accordingly, the financial reorganization procedure is deemed off.
On Dec. 18, 2023, Tihama’s shareholders approved a proposal for financial reorganization under the Saudi Bankruptcy Law, according to data available on Argaam.
The ninth circuit at the Riyadh Commercial Court denied ratifying this request and dismissed Tihama’s financial restructuring proposal. Subsequently, the company filed an appeal against this ruling.