Thimar accumulated losses reach 54.82% of capital

A Thimar store

Thimar Development Holding Co.’s accumulated losses reached 54.82% of the capital reaching SAR 100 million, as per the audited financial statements for the fiscal year ended on Dec. 31, 2019.

Accumulated Losses Details
Company’s capital	SAR 100 mln
Accumulated losses	SAR 54.82 mln
Percentage of accumulated losses	54.82%
Reasons leading to accumulated losses	1- Provision for the expected credit loss 2- Losses for disposal of projects in progress
Date of realization of the losses	Dec. 31, 2019
Date of notifying the board with the accumulated losses	June 30, 2022

Procedures and instructions applicable on companies listed in the Saudi Exchange (Tadawul) whose accumulated losses reach 20% or more out of the capital thereof will be applied, according to a bourse statement.

Thimar has recently posted its financial statements for 2019 and 2020.

In March, the Ninth Circuit of the Commercial Court in Riyadh accepted the company’s financial reorganization proposal, according to data available with Argaam.

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