Thimar submits capital cut application to CMA

18/03/2024 Argaam

Thimar submits capital cut application to CMA

One of Thimar’s branches

Thimar Development Holding Co. submitted an application for a 74% capital cut to the Capital Market Authority (CMA), the company said in a statement to Tadawul today, March 18.

 
The capital decrease is subject to the applicable regulatory approvals, including that of the company’s extraordinary general meeting, it added.
 
It added that any future developments in this regard will be duly announced.
 
Thimar's board of directors recommended, on Nov. 30, 2023, a 74% capital cut from SAR 250 million to SAR 65 million, through writing off 18.5 million shares. This is to restructure capital and offset accumulated loss, according to Argaam's data.
 
The board also recommended to later increase capital via a SAR 195 million rights issue.

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