AI Summary
Thimar shareholders rejected a board of directors’ recommendation to raise capital to SAR 260 million through a SAR 195 million rights issue
Thimar Development Holding Co.’s shareholders rejected a board of directors’ recommendation to raise capital to SAR 260 million through a SAR 195 million rights issue.
The decision was made during an extraordinary general meeting (EGM) held on Jan. 22, according to a statement to Tadawul.
The EGM approved an amendment to Article 17 of the articles of association, reducing the number of board members from seven to five, effective from the next board term.
Shareholders also approved amendments to the remuneration policy for the board of directors, its committees, and executive management, cutting compensation for board and committee members.
According to Argaam data, the proposed capital increase would have been carried out through a rights issue.
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Capital Increase Details |
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Current Capital |
SAR 65 mln |
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Number of Shares |
6.5 mln |
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New Capital |
SAR 260 mln |
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New Number of Shares |
26 mln |
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Percentage of Increase |
300% (3 rights-eligible shares per each ordinary share) |
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Method |
Rights issuance worth SAR 195 mln |
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Reason |
Implement the financial organization plan to ensure the company's continuity and growth. |
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Record Date |
The company said that the decision, if approved, will be effective for shareholders owning shares on the day of the EGM who are registered with Edaa at the end of the second trading day following EGM date. |
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