Thimar postpones EGM due to lack of quorum

A branch of Thimar

National Agricultural Marketing Co. (Thimar) postponed the first meeting of its extraordinary general assembly (EGM), which was slated for Sept. 20, due to lack of quorum, according to a bourse filing.  

The attendance rate in the meeting was 30%, the statement said.

The company said that it will subsequently call for a second EGM after setting the date and obtaining the approval of the competent authorities.

There is no relevant financial impact, the statement added.

On Aug. 27, Thimar said shareholders will vote on amending Article No. 1 of the articles of association on the establishment of the company as well as Article No. 2 on rebranding the company to "Thimar Development Holding Co.", during the EGM, scheduled for Monday, Sept. 20, Argaam previously reported.

Shareholders were also to discuss amending Article No. 3 related to the company's purposes, to include the following:

1) Management of subsidiaries or participation in the administration of other companies, in which the company holds a stake, as well as providing the required support.

2) Investment its cash in share and other securities.

3) Possessing properties and required assets to start its business.

4) Providing loans, warranties, and finance for subsidiaries.

5) Owning rights of industrial property, privilege rights and other moral rights, as well as using and renting them for its subsidiaries or others.

The Saudi Exchange (Tadawul) suspended trading on shares of Thimar, as of Dec. 11, 2019, for not disclosing its Q3 2019 financial statements within the specified period. The suspension continued for failure to announce financials for the subsequent periods.