Thimar shareholders agree to sell land on Al-Kharj Road

Thimar says the sale will support settlement of its financial obligations and implementation of financial reorganization plan

Thimar Development Holding Co.’s shareholders agreed to the sale of a 58,790-sqm land plot located on Al-Kharj Road in Riyadh.

The approval came during an ordinary general meeting (OGM) held on Feb. 25, Thimar said in a statement to Tadawul, adding that the move is driven by the need to settle its financial obligations and implement financial reorganization plan, in a way that supports business continuity and growth.

According to data available on Argaam, the company’s board recently approved the sale of land, booked at SAR 35.76 million as of Dec. 31, 2025.

Separately, Thimar’s shareholders in an earlier meeting rejected the board recommendation to raise capital to SAR 260 million through a SAR 195 million rights issue, which was proposed as part of the financial reorganization plan.