Thimar says court rule issued on SAR 22.4 mln dues remaining from stake sale

National Agricultural Marketing Co. (Thimar) clarified that the SAR 22.41 million ruled by the court in its favor is related to a claim made against an investor to pay the funds remaining from purchasing part of Thimar’s stake in one of its associates, according to a bourse filing on Tuesday. 

The stake was sold for SAR 37.18 million, but the unpaid amount stands at SAR 22.18 million. Moreover, the investor was ordered by the court to pay SAR 230,000 fees, Thimar explained.

On Nov. 25, a preliminary court ruling was issued in favor of Thimar by Riyadh Commercial Court, ordering the defendant to pay Thimar a total of SAR 22.41 million. 

In 2015, Thimar sold a 20% stake in Thimar Wasmi for a total value of SAR 37.18 million, recording a net profit of SAR 35.15 million, Argaam earlier reported.