Thimar EGM to vote on capital hike via SAR 150 mln rights issue on Oct. 8

17/09/2023 Argaam
One of Thimar’s branches

One of Thimar’s branches

Thimar Development Holding Co.'s shareholders will vote on the board’s recommendation to increase capital through a SAR 150 million rights offering, during an extraordinary general meeting (EGM) to be held on Oct. 8, according to a statement to Tadawul today, Sept. 17.

 

Capital Increase Details

Current Capital  

SAR 100 mln

Number of Shares

10 mln

New Capital

SAR 250 mln

New Number of Shares

25 mln

Percentage Increase

150% (or 1.5-for-1 share)

Method

Issuing 10 mln shares

Reason for Increase

Implementing the financial restructuring plan, boosting the company's activities and paying off debts

Record Date

Oct. 8, 2023 (Shareholders of record and those registered with the Security Depository Center (Edaa) as of the close of the second trading day after the EGM)
 

Other agenda items include voting on amending the company’s bylaws in accordance with the new Companies Law and rearranging the articles of the bylaws and numbering them to complement the proposed amendments.

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