Thimar shareholders approve debt reschedule under financial reorganization plan

A branch of Thimar

Shareholders of Thimar Development Holding Co. approved today, Dec. 11, a proposal to reschedule creditor payments as part of the financial reorganization plan approved previously by Riyadh’s Commercial Court.

In a statement to Tadawul, the company added that the attendance rate reached 37.63%, or 3.76 million shares, of capital.

Shareholders owning 3.75 million shares, or 99.7% of capital, approved the proposal, while shareholders holding 0.06%, or 2,226 shares, rejected it. Meanwhile, shareholders owning 6,563 shares, or 0.17% of capital, declined to vote.

In November, Thimar obtained the approval of Riyadh’s Commercial Court on postponing creditor payments for 11 months, according to data available with Argaam.

Creditors will meet tomorrow, Dec. 12, to vote on the proposal.