Thimar receives preliminary judgement on stake sale in subsidiary

07/12/2020 Argaam

National Agriculture Marketing Co. (Thimar) received, today, Dec. 7, the document of preliminary judgment on SAR 22.41 million dues remaining from stake sale, the company said in a bourse statement.

 

On Dec. 1, the Tadawul-listed firm 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 data compiled by Argaam.

 

In 2015, Thimar sold a 20% stake in one of its subsidiaries for SAR 37.18 million, realizing a net profit of SAR 35.15 million from the deal.

 

The company will disclose related developments in due course.

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