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The Board of Directors of the Saudi Research and Media Group (SRMG) approve a plan to initiate the restructuring of several of its non-operating companies.
| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Research and Media Group (SRMG) announces that its Board of Directors has approved on 7 May 2024 a plan to initiate the legal restructuring of several of its non-operating and wholly owned subsidiaries, as detailed in the attached document. This announcement is part of SRMG’s ongoing efforts to streamline operations and legal structures. The restructuring process will include voluntary liquidation, striking off/deregistration or conversion to branches, adhering to the applicable laws and regulations within the relevant jurisdictions of each subsidiary and following completion of the required procedures. It is important to note that upon completion of the restructuring process, there will be no material financial impact on the consolidated financial statements of SRMG in the upcoming period. Additionally, this restructuring will not affect SRMG’s media platforms or brands. |
| Attached Documents |  |
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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