Thimar issues prospectus for rights offering

06:05 PM (Mecca time) Argaam
Logo ofThimar Development Holding Co.

Logo of Thimar Development Holding Co. 

Thimar Development Holding Co. announced the prospectus for its 300% capital increase through a SAR 195 million rights offering.

 

The company plans to offer about 19.5 million shares at SAR 10 each to increase capital from SAR 65 million to SAR 260 million.

 

For More IPOs

 

The company intends to use the net proceeds of the offering to maximize its expansion capacity in investments to support the company’s activities according to the financial organization plan.

 

The Capital Market Authority (CMA) approved earlier the request received from the company to increase capital through a SAR 195 million rights issue.

 

Capital Hike Details

Current Capital

SAR 65 mln​

Number of Shares

6.5 mln

New Capital

 SAR 260 mln​

New Number of Shares

26 mln

Percentage of Increase

300%

Par Value

SAR 10
 

Rights Issue Details

Offered shares

19.5 mln

Offering Price

SAR 10

Issuance Size

SAR 195 mln

Eligibility Ratio

Each listed shareholder shall have the right to subscribe to 3 shares per each owned share.

Rights issue proceeds

Food, agricultural and meat investment

60

Real estate investment

54

Portfolios investment 

30

Financing working capital

20.62

Partial payment of creditors according to the financial reorganization proposal

12.10

Offering expenses*

18.29

Total

195.00
*The company has paid a portion of the offering costs, amounting to SAR 1.46 million, including value-added tax. It will offset this amount ("offering costs") from the proceeds of the capital increase, in the event of the increase occurring, and redirect the amount to real estate investment as part of the plan to utilize the proceeds from the previous offering.
 

Additional Information

Financial Advisor and Underwriter

Wasatah Capital

Lead Manager

Musharaka Capital

 

To view prospectus

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