Thimar Reduces Yamama Plus Stake to 22%, opts for In-Kind Consideration

Thimar Development Holding Co. announced on Thursday that it has reduced its planned acquisition of Yamama Plus Serviced Apartments from 26% to 22% and will proceed with the transaction based solely on the agreed-upon in-kind consideration.

The update follows a previous announcement regarding Thimar’s intention to acquire a 26% stake for SAR 9 million. The acquisition was to be settled through the transfer of Thimar’s investment in the Osool and Bakheet Al-Arba’a Fund —designated for the development of Yamama City Center—valued at SAR 7.6 million, in addition to a cash payment of SAR 1.4 million.