Thimar to resume business activities upon wrapping up capital hike: CEO

Melfi Al-Marzouqi, Managing Director, CEO and board member, Thimar Development Holding Co.  

Thimar Development Holding Co. will resume its business activities after repayment of scheduled liabilities upon completion of the capital increase process, Managing Director, CEO and board member Melfi Al-Marzouqi told Argaam.

The capital hike has been requested and is pending approval from the Capital Market Authority (CMA).

He explained that the company's activities had been suspended for more than three years, adding creditors will be paid on October 30, immediately after the company's capital increase in accordance with the financial restructuring plan approved by shareholders, creditors and the court.

He confirmed that Thimar will disclose a future investment strategy after increasing the capital and making the first payment to creditors according to the restructuring plan, indicating that the company is carefully studying several investment opportunities to meet the aspirations of shareholders in achieving profits.

In the past, the firm captured 27 points that caused the external auditor to issue a disclaimer report on Thimar’s financial statements, which led to the suspension of the stock since mid-2019, the CEO added.

However, after the reformation of the board of directors in July 2021, work began with the auditor to address the concerns and problems, limiting the auditor's concerns to three points as disclosed in the financial statements for 2022.  Accordingly, the company's stock resumed trading on Tadawul.

On Aug. 13, a clean report was issued on the financial statements for the second quarter.

This achievement is the result of the concerted efforts of everyone from the management, the board, the external auditors and the CMA, Al-Marzouqi said.