One of Thimar’s branches
Shareholders of Thimar Development Holding Co. approved the board of directors’ recommendation to cut capital by 74% from SAR 250 million to SAR 65 million, as the following table illustrates:
|
Capital Reduction Details |
|
|
Current Capital |
SAR 250 mln |
|
Number of Shares |
25 mln |
|
Percentage of Reduction |
74% |
|
Method |
Writing off 18.5 mln shares at a rate of 0.74 share per share held |
|
New Capital |
SAR 65 mln |
|
Number of Shares |
6.5 mln |
|
Reason |
Restructuring capital to offset SAR 185 mln accumulated losses |
|
Date of Reduction |
June 3, 2024 (Shareholders registered with the Securities Depository Center Co. (Edaa) at the end of the second trading day following the extraordinary general meeting (EGM) approval) |
The capital reduction will not materially affect Thimar’s obligations, operations, financial or operational performance, or regulatory compliance, nor will it alter any shareholder's stake, the company said in a statement to Tadawul.
Meanwhile, Tadawul said in a separate statement that the stock fluctuation limit will be based on a share price of SAR 55.50, and the outstanding orders will be cancelled.
A trading halt will be placed on the stock as per the listing rules for two business days as of today, June 4, and Edaa will deposit the new shares in shareholders’ portfolios.
Trading halt will lift by the end of June 5, the statement added.
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