Thimar expects to announce 2022 financials within deadline

Logo of Thimar Development Holding Co.

Thimar Development Holding Co. disclosed its annual financial statements for 2019-2021, as well as for Q1, Q2 and Q3 2022. 

In a statement to Tadawul, the company said it is cooperating with an external auditor to finalize and announce 2022 financial statements within the prescribed period. 

This came after the company provided all the necessary audit requirements to address the reasons for refraining from opinionexpression and reservation contained in the reports of the external auditors – formerly, Al Azem, Al Sudairy, Al Shaikh & Consulting Partners and currently, Osama Elkhereiji & Partner Co. –in compliance with international accounting and disclosure standards and requirements. 

Refraining from opinion expression and reservations were due to the absence of hard and soft copies of significant information related to the company’s financial statements, Thimar indicated.  

Therefore, it updated an electronic financial system, and archived paper documents as per the applicable approved laws, in order to maintain accuracy and control over the company’s financial data. 

During the abovementioned period, Thimar obtained a ruling from the Commercial Court allowing the company to carry out financial reorganization to protect against bankruptcy. 

Thimar shareholders approved rescheduling payments for shareholders and creditors, provided that the first payment shall be on Oct. 31, 2023, for a period of nearly five years. 

The court is expected to approve the proposal on March 8, 2023, according to the financial regulator. In the event of non-approval, the procedure will be dissolved. 

The company is following up the file to timely fulfill the creditors’ rights. 

It works continuously with the financial consultant to support the capital increase proposal set forth in the board’s decision No. 42-009/2022 dated Sept. 15, 2022, for a SAR 200 million capital hike. 

This proposal aims at returning the company to its commercial activity and paying the first batch of creditors' rights. 

Moreover, Thimar takes all necessary measures to preserve the company’s and shareholders’ rights and interests, the statement concluded. 

In January, the company announced the creditors’ approval on a proposal to reschedule creditor payments as part of the financial reorganization plan approved previously by Riyadh’s Commercial Court, Argaam earlier reported.