Brand of Tihama Promoting, Public Relations and Advertising Firm
Firm introduced Tihama Promoting, Public Relations and Advertising Yesterday, it filed a authorized go well with earlier than the Securities Disputes Decision Committee in opposition to the Center East Monetary Funding Firm (MEFIC Capital), in its capability as supervisor of the Saudi Movie Fund.
The corporate defined in an announcement on Tadawul that the lawsuit got here to demand the return of the quantities transferred to the fund as a result of fund supervisor’s violation of the phrases of the settlement signed to put money into the Saudi Movie Fund at a price of 37.5 million riyals in change for 10% of the fund’s capital, and the failure to meet the situation of amassing the minimal quantity through the providing interval, in accordance with clause (8-i) of the settlement.
It indicated that the quantity in query is presently registered inside the debit balances within the monetary statements till a ruling is issued within the case. If a ruling is issued in favor of the corporate, this quantity might be reclassified from receivables to money.
She added that if a ruling is issued on the contrary, will probably be reclassified as investments, indicating that there isn’t any materials monetary affect on the corporate’s present monetary statements as of the date of this announcement.
The corporate will disclose any materials developments associated to the lawsuit in a well timed method.
Based on knowledge numbersIn Might 2024, Tihama Promoting, Public Relations and Advertising Firm signed an settlement with the Saudi Movie Fund (in partnership with the Cultural Fund), to put money into the fund at a price of 37.5 million riyals in change for 10% of the fund’s capital.
