Thimar Signs Agreement with Jiyad Al-Ezz and Rasana Financial to Establish 100 Million Riyal Investment Fund

Thimar Development Holding Company announced on Monday, January 06 the signing of an agreement with Jiyad Al-Ezz Limited and Rasana Financial (the fund manager and financial advisor) to establish a private closed-end investment fund. The fund aims to acquire 70% of Jiyad Al-Ezz Limited, which holds the usufruct rights for the livestock market and Al- Mu’aisem slaughterhouse in Makkah for a period of 25 years.

In a statement published on “Tadawul” today, the company stated that the fund’s capital amounts to 100 million riyals, to be offered as a private placement through the issuance of 100,000 units at 1,000 riyals per unit upon establishment. The minimum capital required to operate the fund is 20 million riyals.

The fund has a seven-year term, extendable for two additional periods of 12 months each.

The statement further noted that Thimar Development Holding’s participation in the fund will depend on the size of the fund, not exceeding 30 million riyals. The primary source of Thimar’s contribution to this project will come from its upcoming capital increase. The company clarified that there is no financial impact from this agreement at present and confirmed that no related parties are involved in the agreement.