Thimar submits capital increase file to CMA

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. submitted on Aug. 26 its application to the Capital Market Authority (CMA) to increase its capital through a SAR 195 million rights issue, according to a statement to Tadawul.

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Any fundamental developments in this regard will be duly announced, as per the relevant laws and regulations, the statement added.

In November 2023, Thimar's board of directors recommended a 74% capital cut from SAR 250 million to SAR 65 million, capital increase through a SAR 195 million rights issue, according to Argaam's data.

In June 2024, shareholders of Thimar approved the board of directors’ recommendation to cut capital and restructure it to offset SAR 185 million accumulated losses.