Tihama to Challenge Preliminary Ruling in Ex-CEO Case

Tihama Advertising, Public Relations and Marketing Co. received a preliminary ruling from the Committee for Resolution of Securities Disputes in the legal case involving a former board member and CEO. The company said it plans to challenge the ruling.

The dispute centers on claims tied to the former executive's tenure. Tihama did not disclose the specific terms of the preliminary ruling or the financial exposure it may create. The company stated it will pursue an appeal through the available legal channels.

The case adds to a series of corporate governance issues at Tihama. The company has been working to restructure its board and management in recent quarters after a period of operational and financial strain. Tihama reported a net loss of 12.3 million riyals in the first nine months of 2024, narrowing from a loss of 18.7 million riyals in the same period a year earlier.

The appeal process could take several months. Tihama said it will provide updates as the case progresses through the committee's review stages.