Thimar board plans 74% capital cut, SAR 195M rights issue
Logo ofThimar Development Holding Co.
Thimar Development Holding Co.’s board of directors recommended today, Nov. 30, a 74% capital cut from SAR 250 million to SAR 65 million, according to a Tadawul filing.
Capital Cut Details
Current capital
SAR 250 mln
Number of Shares
25 mln
New Capital
SAR 65 mln
New Number of Shares
6.5 mln
Percentage Decrease
74%
Reason
To restructure capital and offset accumulated losses
Date of Capital Reduction
By the close of the second trading day following the EGMthat will decide on the capital cut
Method
Writing off 18.5 mln shares
Wasatah Capital was appointed as financial advisor on both the capital reduction and hike as well as underwriter on the capital top-up…
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