Thimar Signs Contract to Acquire Yamama Plus Serviced Apartments Share

Thimar Development Holding Co. announced on Thursday the signing of a share sale and transfer contract to acquire a 26% stake in Yamama Plus Serviced Apartments Co., which specialises in the management and operation of serviced apartments, for a total value of SAR 9 million. The deal will be settled through a mix of in-kind and cash considerations.

According to the company’s statement, the in-kind consideration of the transaction involves the transfer of Thimar’s investment in the “Osool and Bakhit Fund, The Four Areas of Al Yamama City Centre development,” in which it had invested SAR 6 million. This investment was valued at SAR 7.6 million and will be used as part of the acquisition value. The remaining SAR 1.392 million will be paid in cash following the completion of the company’s upcoming capital increase.

Thimar also noted that it retains the option to exit the investment after three years from the signing date for a minimum of SAR 15 million. This clause would guarantee an annual return of at least 22% if the company chooses not to continue.