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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