A Thimar store
Thimar Development Holding Co.’s accumulated losses reached 54.82% of the capital reaching SAR 100 million, as per the audited financial statements for the fiscal year ended on Dec. 31, 2019.
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Accumulated Losses Details |
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Company’s capital |
SAR 100 mln |
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Accumulated losses |
SAR 54.82 mln |
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Percentage of accumulated losses |
54.82% |
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Reasons leading to accumulated losses |
1- Provision for the expected credit loss 2- Losses for disposal of projects in progress |
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Date of realization of the losses |
Dec. 31, 2019 |
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Date of notifying the board with the accumulated losses |
June 30, 2022 |
Procedures and instructions applicable on companies listed in the Saudi Exchange (Tadawul) whose accumulated losses reach 20% or more out of the capital thereof will be applied, according to a bourse statement.
Thimar has recently posted its financial statements for 2019 and 2020.
In March, the Ninth Circuit of the Commercial Court in Riyadh accepted the company’s financial reorganization proposal, according to data available with Argaam.
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