Saudi Research and Media Group (SRMG) said today, Oct. 12, that all prerequisite conditions to acquire a stake in Thmanyah Company for Publishing and Distribution were complete.
In a statement to Tadawul, SRMG noted that all required approvals were gained and legal and regulatory formalities completed for transfer of sale shares in Thmanyah Publishing (a limited liability company) to Arab Media Co.
This included obtaining a no-objection letter from the General Authority for Competition (GAC) and amendment of Thmanyah Publishing’s articles of association to reflect the transaction, the statement said.
There is no direct impact on the SRMG’s obligations. The financial impact of the transaction is expected to start from Q4 2021, it added.
SRMG's subsidiary, Arab Media Co., signed, on July 13, an interest purchase agreement with Abdulrahman Ali Abumalih, Aseel Salah Baabdullah and Meem Company for Research and Studies, to acquire 51% of stake in Thmanyah Publishing for SAR 33.31 million, according to Argaam's data.