Thimar board approves sale of undeveloped land on Al-Kharj Road

Thimar’s board approved the sale of an undeveloped plot of land located on Al-Kharj Road in Riyadh

Thimar Development Holding Co. said its board approved the sale of an undeveloped plot of land located on Al-Kharj Road in Riyadh, with an area of 58,790 square meters and a book value of SAR 35.76 million as of Dec. 31, 2025.

In a statement to Tadawul, Thimar said the move is driven by the need to support the settlement of its financial obligations and to implement its financial reorganization plan, in a way that supports business continuity and enhances investment capacity through the use of available cash proceeds.

The decision is subject to approval by the general assembly in accordance with applicable laws and regulations, the statement added.

The company said the sale aims to enable it to benefit from the proceeds in a manner that serves its interests, strengthens its financial position, and supports the implementation of the financial reorganization plan and the settlement of its obligations.

According to Argaam data, Thimar’s shareholders recently rejected a board recommendation to raise capital to SAR 260 million through a SAR 195 million rights issue, which had been proposed as part of the financial reorganization plan.