Logo of Thimar Development Holding Co.
Thimar Development Holding Co.’s board of directors approved, on Sept. 15, amending its recommendation to increase capital through a SAR 200 million rights issue instead of SAR 150 million.
The capital will be raised to SAR 300 million to maximize the company’s expansions in investments and provide the necessary liquidity to pay part of the due financial obligations as per the announced financial restructuring plan, Thimar said in a statement to Tadawul.
The rights issue is subject to the regulatory approvals of competent authorities and Thimar’s extraordinary general meeting (EGM).
The company will make an announcement on submitting the capital hike application to the Capital Market Authority (CMA) and disclose any relevant updates later.
In April 2019, Thimar’s board proposed raising the company’s capital through a SAR 150 million rights issue, Argaam earlier reported.
Trading on Thimar shares has been suspended since Dec. 11, 2019, as the company failed to disclose Q3 2019 results. The stock is currently traded over the counter (OTC).
Thimar recently announced its financial results until Q4 2020, but have not yet published its results for 2021 or the current year.
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