Thimar maintains SAR 100 mln capital hike proposal, withdraws reduction

One of Thimar’s branches

Thimar Development Holding Co.’s board of directors recommended to cancel the previous proposal pertaining to cutting capital from SAR 100 million to SAR 10 million, according to a statement to Tadawul. 

Amending the proposal entails a capital increase from SAR 100 million to SAR 200 million via a rights issue, the statement added.

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

Updates as regards filing for the Capital Market Authority’s (CMA) approval on the capital increase will be duly revealed.

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. In addition, the board amended its recommendation to increase capital through a SAR 100 million rights issue, instead of SAR 200 million.

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