One of Thimar’s branches
Thimar Development Holding Co.’s shareholders approved the board’s recommendation to increase capital by issuing rights shares worth SAR 150 million.
The approval took place during the company’s extraordinary general meeting (EGM) held on Oct. 8, according to a statement to Tadawul.
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Capital Increase Details |
|
|
Current Capital |
SAR 100 mln |
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Current Number of Shares |
10 mln |
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New Capital |
SAR 250 mln |
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New Number of Shares |
25 mln |
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Percentage of Increase |
15% (1.5 share for every existing share) |
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Method |
Issue of 15 mln shares |
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Reason |
Implementing the financial restructuring plan, as the offering proceeds will be directed to supporting the company’s business activities and settling the debts |
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Record Date |
Oct. 8, 2023 (Shareholders of record and those registered with the Securities Depository Center (Edaa) on the second trading day after the EGM.) |
Shareholders also ratified other items on the agenda, including amending the articles of incorporation, in line with the New Companies Law.
The Saudi Exchange (Tadawul) announced in a separate statement that the stock fluctuation limits will be based on a share price of SAR 14.82 for Oct. 9, and the outstanding orders will be canceled.
Thus, Thimar rights will be deposited into investor portfolios on Oct. 11, 2023.
On Oct. 8, Thimar shareholders approved the board’s recommendation to increase capital by issuing rights shares worth SAR 150 million, Argaam reported.
Thimar’s daily trading fluctuation limit after its capital increase will be based on a share price of SAR 14.82 as of today, Oct. 9, the Saudi Exchange (Tadawul) said in a statement. Outstanding orders will be canceled. The Securities Depository Center (Edaa) will deposit the additional shares into investor portfolios by Oct. 11.
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