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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