Thimar issues prospectus for capital hike via SAR 150 mln rights issue

Logo of Thimar Development Holding 

Thimar Development Holding Co. announced the prospectus for its capital increase through a SAR 150 million rights offering.

The company’s capital will be raised by 150% to SAR 250 million, through offering 15 million shares at an offer price of SAR 10 each.

The rights issue proceeds will be mainly geared toward paying off part of Thimar’s debts as per its financial restructuring plan, in addition to real estate investment, working capital financing and the repayment of liabilities and other expenses.

Thimar’s shareholders are set to vote on the board’s recommendation to increase capital during an extraordinary general meeting (EGM) that will be held on Oct. 8.

On Sept. 11, the Capital Market Authority (CMA) approved the application received from the company to top-up capital through SAR 150 million rights issue, as per Argaam's data.

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