Thimar starts rights trading, subscription to new shares today

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. starts today, Oct. 12, the subscription to new shares and rights trading to increase its capital from SAR 100 million to SAR 250 million.

Rights trading will end on Oct. 19, while subscription to the new shares will close on Oct. 24.

The company plans to offer 15 million shares at a nominal value of SAR 10 each to increase capital by 150%. Each shareholder will be granted 1.5 rights for each existing share.

Capital Increase Details
Current capital	SAR 100 mln
Number of shares	10 mln
Capital increase (%)	150%
Capital after increase	SAR 250 mln
Number of shares after increase	25 mln

Rights Issue Details
Offered Shares	15 mln
Offer Price	SAR 10
Issue Size	SAR 150 mln
Rights Subscription	Oct. 12-24, 2023
Rights Trading	Oct. 12-19, 2023
Reason	Supporting business activities and settling debts.
Record Date	Oct. 8, 2023
Eligibility ratio	Each shareholder will be granted 1.5 rights for every share held
Rights Issue Proceeds	Payment of liabilities	SAR 58.52 mln
	Real estate investment	SAR 47.00 mln
	Working capital	SAR 10.32 mln
	Repayment of dues under judicial rulings.	2.44 mln
	Settlement of other outstanding expenses	13.25 mln
	Offering fees and costs	SAR 18.47 mln
	Total	SAR 150.00 mln

Rights issue holders are allowed to exercise their right to subscribe to new shares (in full or in part) up to the number of shares available in their portfolios. Trading in rights issue and subscription to new shares for registered shareholders and new investors will be as per the prospectus.

Unsubscribed shares, remaining and fractional shares, if any, will be offered to institutional investors, according to the prospectus. The underwriter will underwrite the rights if the subscription process is not fully covered.

Investors not willing to subscribe must sell the rights issue during the specified trading period to avoid the resulting decline in the value of their investment portfolios as a result of not benefiting from their rights, whether by way of sale or subscription, the company said.

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