Thimar amends capital hike proposal, plans increase by SAR 150 mln

One of Thimar’s branches

Thimar Development Holding Co.’s board of directors amended on June 19 its proposal to increase capital via a rights issue, the company said in a statement to Tadawul.

 

The company recommended increasing capital by SAR 150 million, instead of SAR 100 million. The post-increase capital will reach SAR 250 million, divided into 25 million shares.

 

Capital Increase Details

Pre-Increase Capital

SAR 100 mln

Number of Shares

10 mln

Post-Increase Capital

SAR 250 mln

Number of Shares

25 mln

Percentage of Increase

150% (1.5-for-1 share)

Method

15 mln share issue

Reason

Implementing the financial restructuring plan, boosting the company's activities and paying off debts

Record Date

Shareholders of record on the date of the extraordinary general meeting (EGM) that decides to increase capital and those registered with Edaa on the second trading day following the date of the EGM  
 

The capital increase is subject to the approvals of the regulatory authorities and the shareholders.

 

The company’s board of directors recommended on March 28, to cut capital to SAR 10 million, prior to the proposed capital increase, through writing off nine million shares, Argaam reported.

 

In May, the board of directors recommended to cancel the previous proposal pertaining to cutting capital from SAR 100 million to SAR 10 million. The amended proposal also entailed a capital increase from SAR 100 million to SAR 200 million via a rights issue.

 

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