Thimar board suspends board remuneration to boost solvency

Thimar says the decision to support its financial position

Thimar Development Holding Co. suspended the accrual of the board and subcommittee remunerations and attendance allowances, effective from the start of the current board term on May 14 until the company’s financial conditions improve and a subsequent resolution is issued.

The decision came during a board meeting on May 19, Thimar said in a statement to Tadawul. It marks an initiative by the board members and its subcommittees to support the company in its current financial circumstances.

The waiver will contribute to rationalizing expenses, and strengthening the financial position of the company, it added.

In January, Thimar shareholders rejected the board recommendation to increase capital through a SAR 195 million rights issue, within the company’s financial restructuring plan, Argaam reported.

The company’s accumulated losses reached SAR 94.2 million by the Q1 2026-end representing 145% of capital.