Riyadh – Mubasher: Thimar Development Holding Company has announced the signing of a binding agreement to sell its entire investment in the Business Square Four Directions Osool and Bakheet Development Fund.
The transaction, valued at SAR 6.60 million, is intended to support the company’s working capital and facilitate its ongoing financial reorganization plan.
In a regulatory filing on the Saudi Exchange, Thimar Development Holding confirmed that it has reached a definitive agreement with the purchaser, Abdullah bin Abdulaziz Nasser, to exit its position in the real estate investment vehicle.
The asset being divested comprises 600,000 investment units in the Business Square Four Directions Osool and Bakheet Development Fund, which is a closed-ended real estate development fund licensed and regulated by the Capital Market Authority (CMA).
The financial terms of the deal set the total consideration at SAR 6,600,000. According to the company’s most recent financial data, the book value of these units stood at SAR 5.74 million as of 31 March 2026.
Consequently, the sale is expected to generate a capital gain of approximately 15% over the asset's book value. Thimar has indicated that the proceeds from this divestment will be strategically deployed to bolster the company’s working capital and to provide the necessary liquidity to advance its financial reorganization objectives.
The completion of the transaction remains subject to several regulatory and procedural milestones. These include the formal transfer of units through the fund manager and the fulfillment of all relevant legal and administrative requirements in accordance with the fund’s terms and conditions.
Payment for the units will be executed following the specific mechanisms and procedures established by the fund manager.
Thimar has also integrated legal safeguards into the binding agreement to protect its corporate interests. The company retains the right to terminate the contract and pursue legal compensation should the buyer fail to fulfill his contractual obligations. Furthermore, the disclosure confirmed that the transaction does not involve any related parties, ensuring that the deal was conducted on an arm’s-length basis.
From a financial reporting perspective, Thimar anticipates that the transaction will have a positive impact on its financial results and overall liquidity. This impact is expected to be reflected in the company’s financial statements for the second quarter (Q2) of 2026. The transaction date was recorded as 23 June 2026.
