Thimar wins court approval to sell related-party assets

In a statement to Tadawul, the company said the Entrustment and Liquidation Center (Infath) has been authorized to complete valuation procedures, delegate third parties, transfer ownership to new buyers, finalize procedures with the relevant authorities, and charge 3.5% of sale proceeds as fees for sales and liquidation.

Thimar also noted that the rulings were issued under case numbers 400454700037280, 400454700037281, 400454700037282, 400454700037284, and 400454700037283.

Any material developments regarding this matter will be announced in due course, the statement added.

In November 2020, Thimar announced that a preliminary court ruling was issued in its favor by Riyadh Commercial Court, amounting to a claim of SAR 22.41 million, according to data compiled by Argaam.

The amount represents a claim for the outstanding debt owed by an investor who had purchased part of the company’s stake in its associate, Thimar Wasmi.

In April 2021, the court ruling in its favor, amounting to SAR 22.41 million against one of the investors, had become final.

In 2015, the company sold a 20% stake in its associate, Thimar Wasmi, to an investor for SAR 37.18 million.