Thimar BOD amends recommendation to increase capital by offering rights shares at 200 mln instead of 150 mln

The Thimar Development Holding Board of Directors decided on Thursday 15-9-2022 to amend the recommendation of the Board of Directors issued on 9-4-2019 to increase the company’s capital by offering rights shares at a value of SR200 million instead of SR150 million, so that the company’s capital after the increase will be SR300 million in order to maximize the company’s expansion capacity in investments and to provide the necessary liquidity to pay part of the due financial obligations according to the announced financial regulation plan.
The process of increasing the capital by offering the company’s rights issue is subject to the approval of the official authorities and the approval of the company’s extraordinary general assembly.
Accordingly, it will be announced that the capital increase file will be submitted to the Capital Market Authority for approval, also the company will announce any subsequent developments in this regard.
This comes with reference to the announcement of Thimar Development Holding Co. on 9-4-2019 regarding the Board of Directors’ recommendation to increase the company’s capital through a rights issue.