Logo of Thimar Development Holding Co.
Thimar Development Holding Co.’s board of directors recommended today, Nov. 30, a 74% capital cut from SAR 250 million to SAR 65 million, according to a Tadawul filing.
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Capital Cut Details |
|
|
Current capital |
SAR 250 mln |
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Number of Shares |
25 mln |
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New Capital |
SAR 65 mln |
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New Number of Shares |
6.5 mln |
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Percentage Decrease |
74% |
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Reason |
To restructure capital and offset accumulated losses |
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Date of Capital Reduction |
By the close of the second trading day following the EGM that will decide on the capital cut |
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Method |
Writing off 18.5 mln shares |
Wasatah Capital was appointed as financial advisor on both the capital reduction and hike as well as underwriter on the capital top-up. Updates regarding the filing of the capital reduction application with the Capital Market Authority (CMA) will be duly revealed, Thimar added.
Meanwhile, the board recommended to later increase capital via a SAR 195 million rights issue.
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Details of Capital Increase via Rights Issue |
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Capital after Reduction |
SAR 65 mln |
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Number of shares |
6.5 mln |
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New Capital |
SAR 260 mln |
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New Number of Shares |
26 mln |
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Percentage Decrease |
300% |
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Method |
Through a SAR 195 mln rights issue |
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Reason |
To maximize the company’s expansion capacity in investments to support operations as per the financial restructuring plan |
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Eligibility |
Shareholders of record and those registered with Edaa on the second trading day after the EGM |
The extraordinary general assembly’s (EGM) nod to raising capital via a rights issue is conditional on the EGM approval of the proposed capital reduction.
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