Court rejects Saudi media group’s rescue plan

Court rejects Saudi media group’s rescue plan

A rescue plan put forward by a media group that operates WH Smith shops in Saudi Arabia has been rejected by the court. Shareholders of Tihama Advertising, Public Relations and Marketing Company last month approved a financial restructuring proposal recommended by the board of directors. More than 99 percent of shareholders who voted backed the […]

Tihama has huge losses

Company operates WH Smith

Shareholders had backed plan

A rescue plan put forward by a media group that operates WH Smith shops in Saudi Arabia has been rejected by the court.

Shareholders of Tihama Advertising, Public Relations and Marketing Company last month approved a financial restructuring proposal recommended by the board of directors.

More than 99 percent of shareholders who voted backed the plan, which was compiled under Saudi bankruptcy rules, but the Riyadh Commercial Court has now rejected it, according to a filing by the company to the Saudi Stock Exchange.

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It is unclear what Tihama’s board of directors intends to do next but in a statement it assured shareholders that the ruling “will not affect the continuity of the