Tharwah cancels 200,000 share buyback plan, recommends 10% capital hike

Logo of Altharwah Albashariyyah Co. (Tharwah)

Altharwah Albashariyyah Co.'s (Tharwah) board of directors decided to cancel a previous recommendation to buy back 200,000 shares, or 4.25% of the company's capital, to retain as treasury shares, according to a Tadawul statement.

The decision was due to circumstances related to the recommendation and as part of the company’s commitment to comply with the applicable regulatory requirements.

For more news on listed companies

In a separate statement, the company said the board recommended increasing capital by 10% from SAR 23.53 million to SAR 25.88 million.

In a separate statement, the company said the board proposed increasing capital by 10% from SAR 23.53 million to SAR 25.88 million, to be financed from the issue premium balance of SAR 37.44 million, as per 2024 financials.

The number of shareholders’ shares will remain unchanged after the capital increase; however, their ownership percentage in the company will decrease by 10% as a result of issuing the new shares.

The capital increase, capitalization of part of the share premium, and the allocation for the aforementioned purposes are conditional upon obtaining the necessary approvals from the relevant regulatory authorities and shareholders.

In May, the board of directors recommended repurchasing up to 200,000 of the company’s shares, to be held as treasury shares, according to Argaam data.