Logo of Thimar Development Holding Co.
Thimar Development Holding Co.'s shareholders will discuss reducing capital by 74%, from SAR 250 million to SAR 65 million, at the extraordinary general meeting (EGM) slated for June 3, as follows:
|
Details of Capital Reduction |
|
|
Current Capital |
SAR 250 mln |
|
Current Number of Shares |
25 mln |
|
Capital Decrease% |
74% |
|
Method |
Canceling 18.5 mln shares at 0.74-for-one share |
|
New Capital |
SAR 65 mln |
|
New Number of Shares |
6.5 mln |
|
Reason |
Restructuring capital to amortize SAR 185 mln from the accumulated losses |
|
Date of Reduction |
If the decision is approved, it will be applicable to shareholders of record on the EGM date and those registered with Edaa on the second trading day after the EGM date |
The capital reduction will not have a material impact on the company’s financial, operational, or organizational obligations, operations, or performance. In addition, the ownership percentage of shareholders will not change as a result of the capital reduction, the company said in a statement to Tadawul.
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