‎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.

Capital Hike Details

Current Capital

SAR 100 mln

Number of Shares

10 mln 

Percentage Increase

150%

New Capital

SAR 250 mln

New Number of Shares

25 mln 

Rights Issue Details

Offered Shares

15 mln 

Offer Price

SAR 10

Issue Size

SAR 150 mln

Eligibility Ratio

About 1.5 rights per each share held.

Rights Issue Proceeds

Paying off part of debts

SAR 58.52 mln

Real estate investment

SAR 47.00 mln

Financing working capital

SAR 10.32 mln

Payment of dues under court rulings

SAR 2.44 mln

Payment of other liabilities

SAR 13.25 mln

Offering costs

SAR 18.47 mln

Total

SAR 150.00 mln

Additional Information

Financial advisor and underwriter

Wasatah Capital

Lead manager

AlNefaie Investment Group

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