Logo of Thimar Development Holding
Thimar Development Holding Co. announced the prospectus for its capital increase through a SAR 150 million rights offering.
The company’s capital will be raised by 150% to SAR 250 million, through offering 15 million shares at an offer price of SAR 10 each.
The rights issue proceeds will be mainly geared toward paying off part of Thimar’s debts as per its financial restructuring plan, in addition to real estate investment, working capital financing and the repayment of liabilities and other expenses.
Thimar’s shareholders are set to vote on the board’s recommendation to increase capital during an extraordinary general meeting (EGM) that will be held on Oct. 8.
On Sept. 11, the Capital Market Authority (CMA) approved the application received from the company to top-up capital through SAR 150 million rights issue, as per Argaam's data.
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Capital Hike Details |
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Current Capital |
SAR 100 mln |
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Number of Shares |
10 mln |
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Percentage Increase |
150% |
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New Capital |
SAR 250 mln |
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New Number of Shares |
25 mln |
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Rights Issue Details |
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Offered Shares |
15 mln |
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Offer Price |
SAR 10 |
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Issue Size |
SAR 150 mln |
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Eligibility Ratio |
About 1.5 rights per each share held. |
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Rights Issue Proceeds |
Paying off part of debts |
SAR 58.52 mln |
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Real estate investment |
SAR 47.00 mln |
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Financing working capital |
SAR 10.32 mln |
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Payment of dues under court rulings |
SAR 2.44 mln |
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Payment of other liabilities |
SAR 13.25 mln |
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Offering costs |
SAR 18.47 mln |
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Total |
SAR 150.00 mln |
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Additional Information |
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Financial advisor and underwriter |
Wasatah Capital |
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Lead manager |
AlNefaie Investment Group |
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