Thimar gets CMA nod on capital hike request via rights issue

Thimar seeks to raise its capital through a SAR 195M rights offering

The Capital Market Authority (CMA) approved Thimar Development Holding Co.’s capital top-up request, through a rights issue worth SAR 195 million, according to a statement today, Sept. 7.

Subscription eligibility will be limited to shareholders registered with the Security Depository Center (Edaa) as of the closing of the second trading day after the deciding extraordinary general meeting (EGM), the date for which is yet to be set by Thimar’s board of directors.

For More IPOs

The offering price and the number of shares on offer shall be determined by the company after the close of trading on the same day the deciding EGM is convened.

The rights issue prospectus will be published to the public at a later date.

The CMA's approval of the proposed move should never be considered as a recommendation to participate in the offering nor invest in the company's shares. It merely means that the legal requirements as per the Capital Market Law and the Implementing Regulations have been met.