Tihama OGM rejects audited financial report for FY ended March 2023

Logo of Tihama Advertising and Public Relations Co. (TAPRCO)

Tihama Advertising and Public Relations Co.’s (TAPRCO) shareholders disapproved the auditor’s report on financial statements for the fiscal year (FY) ended March 31, 2023, following deliberation, during the ordinary general meeting (OGM) held today, Oct. 10.

During the meeting, shareholders approved the appointment of Ibrahim Ahmed Al-Bassam & Co. (PKF Al-Bassam & Co.) as the company’s auditor to examine financial statements for Q2 and Q3 2023/24 as well as financials for the FY ending March 31, 2024, and Q1 2024/25, as per the audit committee’s recommendation, according to a Tadawul statement.

Besides, shareholders rejected several transactions and contracts with TAPRCO’s subsidiary, Integrated Production Co. for Audiovisual Media Production, which were sealed during the FY ended March 31, 2023, due to board member Abdulaziz Al-Suwailem’s indirect interest in the subsidiary.

The abovementioned transactions and contracts included the following:

- Financing for a letter of guarantee issued by TAPRCO on behalf of Integrated Production, amounting to SAR 83,950, with no conditions or preferential benefits.

- A SAR 115,250 invoice for advertising and administrative services by Integrated Production to TAPRCO.

- SAR 293,650 worth of financing for a letter of guarantee issued by TAPRCO on behalf of Integrated Production.

- SAR 98,500 worth of financing for a letter of guarantee issued by TAPRCO on behalf of Integrated Production.

- Repayment of a portion of funding granted by TAPRCO to Integrated Production, totaling SAR 5,000.

- Issuance of bank cheques worth SAR 1.65 million by Integrated Production.

As of March 31, 2023, the balance of loans granted by TAPRCO to Integrated Production (Since the start of operations in 2021 — before Al-Suwailem joins the board — and beyond), totaled SAR 15.61 million.