Riyadh – Mubasher: Thimar Development Holding Company plans to convene an extraordinary general meeting (EGM) on 8 October 2023 to consider raising the capital by issuing 15 million priority shares.
The company targets a 150% capital increase from SAR 100 million to SAR 250 million, according to a statement on the Saudi Exchange (Tadawul).
Thimar emphasised that the capital raise is valued at SAR 150 million while the number of shares will surge from 10 million to 25 million shares after the hike process. This measure aims to fortify the company's operations and settle outstanding debts.
Additionally, the meeting's agenda encompasses voting on amendments to various articles of association and aligning said articles with the new bylaws.
Earlier this month, the Capital Market Authority (CMA) passed Thimar’s request to increase its capital through a rights issue.
