Tihama extends ownership transfer period for Wunderman MENA-J Walter merger to Sept. 30

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Tihama Advertising and Public Relations Co. announced extending the period of completing the legal ownership transfer and other regulatory approvals for the merger of J Walter Thompson MENA, an associate of Tihama, with Wunderman MENA to create Wunderman Thompson MENA EC to Sept. 30.

The relevant costs cannot be determined at present, while the related financial impact will be announced later, if any, the company said in a bourse filing.

Tihama will announce any material developments in due course.

Tihama signed, on Jan. 7, an agreement to extend the period of completing the legal ownership transfer and other regulatory approvals for the merger of J Walter Thompson MENA with Wunderman MENA to June 30, 2022, Argaam reported.

In July 2021, the company agreed with WPP plc to the merger of the J Walter Thompson MENA, with Wunderman MENA, according to Argaam.

Tihama will hold 25% of Wunderman Thompson MENA after completing the transfer of legal ownership and other required regulatory approvals. Tihama's share in Wunderman Thompson MENA's financial results will be recognized as an associate in the financial statements.

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