Logo ofTihama Advertising and Public Relations Co.
Tihama Advertising and Public Relations Co. announced the issuance of the initial ruling document, dated Feb. 25, approving the liquidation of its wholly-owned subsidiary Tihama Education Co. and the appointment of the bankruptcy trustee. 
This is expected to result in a profitable impact on the company’s consolidated financial statements, which will positively affect its financial results during the period in which the liquidation procedures are completed, as a result of excluding the net liabilities and accumulated losses associated with the subsidiary, said the company.
The financial impact resulting from the exclusion of the subsidiary will be recognized in accordance with the International Financial Reporting Standards adopted in Saudi Arabia, it added.
According to Argaam’s data, Tihama’s board of directors approved on Nov. 18 the start of the liquidation process for its subsidiary Tihama Education Co., under the Bankruptcy Law. It cited the subsidiary’s accumulated losses, unpaid creditors, and obligations outstripping assets as behind the liquidation move.
Logo ofTihama Advertising and Public Relations Co.
Tihama Advertising and Public Relations Co. announced the issuance of the initial ruling document, dated Feb. 25, approving the liquidation of its wholly-owned subsidiary Tihama Education Co. and the appointment of the bankruptcy trustee.
This is expected to result in a profitable impact on the company’s consolidated financial statements, which will positively affect its financial results during the period in which the liquidation procedures are completed, as a result of excluding the net liabilities and accumulated losses associated with the subsidiary, said the company.
The financial impact resulting from the exclusion of the subsidiary will be recognized in accordance with the International Financial Reporting Standards adopted in Saudi Arabia, it added.
According to Argaam’s data, Tihama’s board of directors approved on Nov. 18 the start of the liquidation process for its subsidiary Tihama Education Co., under the Bankruptcy Law. It cited the subsidiary’s accumulated losses, unpaid creditors, and obligations outstripping assets as behind the liquidation move.
