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‎Thimar board plans 74% capital cut, SAR 195M rights issue

November 30, 2023
in Business
‎Thimar board plans 74% capital cut, SAR 195M rights issue
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Thimar board proposes 74% capital cut; hike to follow via SAR 195M rights issue

Logo of Thimar Development Holding Co.

Thimar Development Holding Co.’s board of directors recommended today, Nov. 30, a 74% capital cut from SAR 250 million to SAR 65 million, according to a Tadawul filing.

Capital Cut Details

Current capital

SAR 250 mln

Number of Shares

25 mln

New Capital

SAR 65 mln

New Number of Shares

6.5 mln

Percentage Decrease

74%

Reason

To restructure capital and offset accumulated losses 

Date of Capital Reduction

By the close of the second trading day following the EGM that will decide on the capital cut

Method

Writing off 18.5 mln shares

Wasatah Capital was appointed as financial advisor on both the capital reduction and hike as well as underwriter on the capital top-up. Updates regarding the filing of the capital reduction application with the Capital Market Authority (CMA) will be duly revealed, Thimar added.

Meanwhile, the board recommended to later increase capital via a SAR 195 million rights issue.

Details of Capital Increase via Rights Issue

Capital after Reduction

SAR 65 mln

Number of shares

6.5 mln

New Capital

SAR 260 mln

New Number of Shares

26 mln

Percentage Decrease

300%

Method

Through a SAR 195 mln rights issue

Reason

To maximize the company’s expansion capacity in investments to support operations as per the financial restructuring plan

Eligibility

Shareholders of record and those registered with Edaa on the second trading day after the EGM

The extraordinary general assembly’s (EGM) nod to raising capital via a rights issue is conditional on the EGM approval of the proposed capital reduction.

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Argaam EN – https://www.argaam.com/en/article/articledetail/id/1688512

Tags: ‎Boardbusiness‎Thimar
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