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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