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Tihama Advertising, Public Relations and Marketing Company announces the signing of an investment agreement in the Saudi Film Fund with value of 37,500,000 riyals in return for 10% of the fund’s capital.
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| Announcement Detail | Tihama Advertising, Public Relations and Marketing Co. announces that it has signed an agreement with the Saudi Film Fund (In partnership with the Cultural Fund) on 06 / 05 / 2024 to invest in the Fund with value of 37,500,000 thirty-seven million five hundred thousand riyals in exchange for 10% of the fund’s capital. The Board of Directors issued approval for the investment in its decision No. 28, issued on 26 / 10 / 1445, corresponding to 05 / 05 / 2024. The Board of Directors indicated that its decision came after the company emerged from the financial reorganization procedure and after studying the investment opportunities and studying the terms and conditions of the Fund issued on 08-07-2023 and its amended version and reviewing the strategy of the Fund and the Ministry of Culture in investing in the field of film industry and goes with Vision 2030 in supporting the industry. And making the Kingdom one of the most important regions in the world in the film industry and making the Kingdom one of the most important regions in the world in the film industry. The fund is the first of its kind with the participation of the government sector, which provides Tihama Company with a pioneering opportunity to be in leadership in the field of film industry as the first public joint stock company to participate in this type of investment. In addition, this is in line with the company's expansion strategy in its field. Start of investment 06 / 05 /2024 The name of the fund Saudi Film Fund The fund's capital is 375,000,000 Saudi riyals. Investment rate 10% from the fund The duration of the fund is 6 years, with the possibility of a one-year extension. Distribution of Fund Dividends : The Fund aims to distribute. dividends of 6%, which are distributed semi-annually starting from the year The third from the date of operation of the fund The fund is expected to achieve a total return of 17% As stated in the Fund’s subscription memorandum. The company will announce any fundamental developments in this regard. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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