Tihama says partners to liquidate Intermarkets

12/07/2021 Argaam

logo of Tihama Advertising and Public Relations Co.

Tihama Advertising and Public Relations Co. announced the partners’ decision to liquidate International Advertising Services Co. (Intermarkets), activities of which had been suspended since Jan. 18, 2012, according to a bourse filing.

 

Tihama owns 51% of Intermarkets KSA, and Intermarkets S.A.L. owns the remaining 49%.

 

In January 2012, Tihama announced that partners decided to suspend Intermarkets’ business activities for six months as of the fiscal year ended on Dec. 31, 2011.

 

Accordingly, Tihama decided to deconsolidate Intermarkets’ financial statements since then. Tihama’s investment value in Intermarkets was nil.

 

Updates will be duly revealed, the statement added.

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