‎“Thimar” cancels recommendation to reduce its capital by SR90 ‎mln

Thimar Development Holding Company announced that the Board of Directors’ recommendation has been amended to cancel the recommendation to reduce the capital at a value of 90 million riyals, while continuing to increase the capital through offering priority rights shares at a value of 100 million riyals, by issuing 10,000,000 shares, At the rate of (1) share for every (1) share

The company said in a statement today on “Tadawul” that the capital increase will be 100%. Indicating that the capital after the increase will be 200 million riyals

It explained that the number of shares before the increase: 10,000,000 shares, while the number of shares after the increase will be: 20,000,000 shares.

The company intends to implement a financial reorganization scheme, whereby the offering proceeds will be directed to support its activities and pay off creditors.

The eligibility for subscription will be for shareholders who own shares on the day of the Extraordinary General Assembly, which decided to increase the capital by issuing priority rights shares, and whose names appear in the company’s shareholder register at the Depository Center at the end of the second trading day following the date of the Extraordinary General Assembly, which will be Schedule a later date

The recommendation to increase the company’s capital is subject to the approval of the relevant regulatory authorities and the approval of the extraordinary general assembly.

An announcement will be made later when the company’s capital increase file is submitted to the Capital Market Authority for approval.

It comes with reference to the announcement of Themar Development Holding Company on 09/07/1444 AH corresponding to 03/29/2023 AD regarding the recommendation of the Board of Directors to reduce the company’s capital and then increase the capital by issuing priority rights shares.

Thimar Development Holding Company would like to announce to the shareholders the decision of the Board of Directors dated 10/17/1444 AH corresponding to 05/07/2023 AD to amend the Board’s recommendation to the Extraordinary General Assembly related to reducing the company’s capital and then increasing the capital by issuing shares priority rights

The Board’s previous recommendation announced on 09/07/1444 corresponding to March 29, 2023 AD, which was as follows: Reducing the company’s capital by an amount of ninety million (90,000,000) Saudi riyals, so that the capital after the reduction becomes ten million (10,000,000). Saudi riyals divided into one million (1,000,000) ordinary shares, and then the capital increase through the issuance of priority rights shares at a value of one hundred million (100,000,000) Saudi riyals, so that the capital after the increase becomes one hundred and ten million (110,000,000) Saudi riyals, the number of its shares is eleven million (11,000,000) shares.