Thimar completes sale of agricultural land in Al-Kharj for SAR 5.15M

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. completed the sale of a property located in Al-Kharj on Haradh Road, northeast of the military base in Riyadh.

The property, with a total area of 700,000 square meters (sqm), was sold for approximately SAR 5.15 million, including real estate transaction tax.

In a statement to Tadawul today, the company said the asset is an unused agricultural land plot with old warehouses built on it. The transaction was finalized on Feb. 10, with no preferential terms or related parties involved.

The company added that 600,000 sqm were sold to the first buyer, Mohammed bin Abdullah Al-Qahtani, while 100,000 sqm were sold to the second buyer, Turki bin Saleh Hilil.

Thimar said the book value of the asset stood at SAR 5.02 million as of Dec. 31, 2025. The reason for completing the transaction is that the sold property had not been utilized for several years. The sale process aims to strengthen the company’s financial position, improve the efficiency of managing the unutilized asset, and support the company’s strategy and the approved financial reorganization plan.

The company expects the transaction to have a positive impact on liquidity, alongside a decrease in gains from the sale of property, plant and equipment. Proceeds from the sale will be used to implement its strategic plans, settle obligations, and complete the financial restructuring plan.

According to Argaam data, the company’s general assembly recently rejected the board’s recommendation to increase capital through a SAR 195 million rights issue, which had been proposed as part of a financial restructuring plan aimed at ensuring the company’s continuity and supporting its growth.