Thimar case against ex-board dismissed over lack of shareholders' mandate

10/08/2025 Argaam
Logo ofThimar Development Holding Co.

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. said the Committee for the Resolution of Securities Disputes (CRSD) dismissed its case on July 27 against board members who served from March 2017 to July 2021, citing the current board’s lack of authorization from shareholders.

 

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In a Tadawul filing, the company said it plans to appeal the ruling before the Appeal Committee for the Resolution of Securities Disputes (ACRSD) and other relevant authorities to protect its and shareholders’ interests.

 

Thimar received the CRSD decision on Aug. 7 and said it will announce any material developments in due course.

 

The company initially filed the complaint with the Capital Market Authority on March 14, 2023, seeking SAR 230 million in damages plus litigation costs from the former board members, after the general assembly greenlit the board to pursue the case in October 2022, according to Argaam data.

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