Thimar agrees to increase capital to SAR 250 mln through offering priority rights shares

The Board of Directors of Thimar Development Holding Company announced on Monday the results of the Extra Ordinary General Assembly which included approval to increase the company’s capital (Second Meeting) held on Sunday 08-10-2023 G at 7:30 pm.

Voting Results:

1. Approval on the Board of Directors’ decision to appoint Mr. Abdul Karim bin Muhammad bin Muhammad Al-Nahir as an independent member of the Board of Directors, starting from the date of his appointment, 29-05-2023, to complete the Board’s session until the end of the current session on 13-05-2026, succeeding the previous independent member, Mr. / Muhammad bin Abdul Wahhab bin Abdul Rahman Al-Sakit.

2. Approval on the Board of Directors’ recommendation to increase the capital by offering priority rights according to the following:

– The company’s capital before the increase is (100,000,000) Saudi riyals divided into (10,000,000) ordinary shares.

– The company’s capital after the increase is (250,000,000) Saudi riyals, divided into (25,000,000) ordinary shares.

– The total amount of the increase is (150,000,000) Saudi riyals.

– Capital increase percentage: (150%).

– Method of increasing capital: Offering and listing priority rights shares for 15,000,000 ordinary shares.

– Reason for increasing capital: to support the company’s activities and pay off creditors.

– Eligibility date: In the event that the company’s shareholders approve in the extraordinary general assembly meeting to increase the capital, eligibility will be for the shareholders who own shares on the day of the extraordinary general assembly and who are registered in the company’s shareholder registry with the Securities Depository Center Company (Depository Center) at the end of the second following trading day. Date of the extraordinary general assembly.

3. Approval on Amending Article (7) of the company’s bylaws, related to (capital).

4. Approval on Amending Article (8) of the company’s bylaws, related to (subscription to shares).

5. Approval on amending the work regulations of the Remuneration and Nominations Committee.

6. Approval on amending the work regulations of the company’s audit committee

7. Approval on amending the remuneration policies for members of the Board of Directors and the committees emanating from the Board and Executive Management.

8. Approval on amending the company’s governance regulations

9. Approval on amending the policies, standards and procedures of Board of Directors membership

10. Approval on n amending Article (3) of the company’s bylaws related to (the company’s purposes).

11. Approval on amending Article (18) of the company’s bylaws related to (members’ powers).

12. Approval on amending the company’s bylaws in accordance with the new corporate bylaws, and rearranging the articles of the bylaws and numbering them to be compatible with the proposed amendments.