Thimar submits capital cut application to CMA

One of Thimar’s branches

Thimar Development Holding Co. submitted an application for a 74% capital cut to the Capital Market Authority (CMA), the company said in a statement to Tadawul today, March 18.

 
The capital decrease is subject to the applicable regulatory approvals, including that of the company’s extraordinary general meeting, it added.
 
It added that any future developments in this regard will be duly announced.
 
Thimar's board of directors recommended, on Nov. 30, 2023, a 74% capital cut from SAR 250 million to SAR 65 million, through writing off 18.5 million shares. This is to restructure capital and offset accumulated loss, according to Argaam's data.
 
The board also recommended to later increase capital via a SAR 195 million rights issue.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Related News

Thimar board proposes 74% capital cut; hike to follow via SAR 195M rights issue

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request