اعلان شركة تهامة للإعلان والعلاقات العامة عن صدور حكم من محكمة الاستئناف الادارية با&#

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1443/03/20 Tue Oct 26, 2021 08:10:07

Tihama Advertising and Public Relations Co. Announces the issuance of a Court verdict by the Administrative Court of Appeal in Riyadh in favor of the Riyadh Municipality.

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Element List	Explanation
Introduction	Tihama Advertising, Public Relations and Marketing Company announces the issuance of the Court verdict by the Administrative Court of Appeal in Riyadh on 18/03/1443 corresponding to 24/10/2021, rejecting the appeal submitted by the company and confirming the judgment issued on 17/08/1442 AH from the Administrative Court in Riyadh.
Lawsuit Opponent	Riyadh Municipality
Name of the Plaintiff	Riyadh Municipality
Type of the Lawsuit	Case before the Administrative Court
Name and Location of the Competent Judicial Authority	Riyadh Administrative Court
Date of Submitting the Lawsuit	2019-10-20 Corresponding to 1441-02-21
Summery of the Lawsuit and its Reasons	The Riyadh Municipality has filed a lawsuit before the Administrative Court in Riyadh to demand Tihama Advertising, Public Relations and Marketing Company to pay an amount of (11,769,914) Saudi riyals in favor of the Riyadh Municipality for a claim related to the dues for renting and exploiting advertising sites in Riyadh.
Expected Financial Impact Including the Claimed Sums, Fees and any other Charges	The value of the judgment issued in favor of the Municipality is an amount of (11,769,914) Saudi riyals, knowing that there will be no impact on the income statement, as the company has previously recorded a provision against for the full value of the claim.
Any Substantial Legal, Regulatory, or Operational Risks that may Result from the Lawsuit, including the Results of such Impact on the Company's Financial, Legal or Operational Standing	There are no Substantial Legal, Regulatory, or Operational Risks as a direct effect that may Result from the Lawsuit except the of cash flow as a result of its obligation to lawsuits amount.
Measures Taken by the Company, including the Estimation of the Potential Liability Resulting from the Lawsuit	The Company based on documents available with it has obtained legal advice, has authorized a lawyer to appeal to the preliminary judgement that has been issued against the company and the liability that the company handled as a result of the lawsuit and rejecting the appeal and to obligating the company to pay the lawsuit amount
Additional Information	The Company would like to draw the attention that it has filed a lawsuit against Riyadh Municipality in the Administrative court to claim compensation for the damage caused to the advertising billboards owned by it and which were removed by the defendant in a way that led to the damage to it. As announced on 1-09-2021 in Tadawul.

The Capital Market Authority and the Saudi Stock 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.