Thimar takes necessary decisions to address refrains, reservations in 2019, 2020 financials

A Thimar store

Thimar Development Holding Co. announced that its board of directors held an emergency meeting, on June 30, to discuss the final financial statements for 2019 and 2020.

According to a bourse filing, the board also discussed the external auditor's report, which included refrains from expressing the opinion and reservations.

The board conducted its required procedures to handle the refusals and reservations as per the regulations and compliance with professional accounting standards.

The impact of these procedures and measures is expected to show on the company's financial statements for 2021 and beyond, the statement said.

The company’s management is currently working with the external auditor to complete the audit process and issue the financial statements as of Dec. 31, 2021, as soon as possible.

Thimar will spare no effort to preserve the company and shareholders’ rights.

Any new developments will be announced in due course.