Riyadh – Mubasher: Tihama Advertising and Public Relations Company has completed the merger of the J. Walter Thompson MENA business with the Wunderman MENA business on 23 June 2023, according to a bourse filing.
The merger aims to create Wunderman Thompson MENA EC which will serve as a holding group based in Bahrain.
The listed firm further noted that the new shares were issued and accordingly, the ownership of Tihama Advertising, Public Relations, and Marketing Company in Wunderman Thompson Middle East and North Africa Company became 25% as of the merger date.
Meanwhile, the financial impact of the merger transaction will reflect in the coming financial periods based on Tihama's share in the associate company's net assets as on the merger date.
Tihama also confirmed the full transfer of legal ownership and completion of all other required regulatory approvals.
In July 2021, the listed company announced the signing of an agreement with WPP Group to carry out the merger of the J Walter Thompson MENA business, which is an associate of Tihama, with the Wunderman MENA business to establish Wunderman Thompson MENA EC.
