A branch of Thimar
Thimar Development Holding Co.’s board of directors recommended on March 28, to cut capital to SAR 10 million, prior to the proposed capital increase, through writing off nine million shares, the retailer said in a statement to Tadawul.
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Capital Reduction Details |
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Current Capital |
SAR 100 mln |
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Number of Shares |
100 mln |
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New Capital |
SAR 10 mln |
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Number of Shares |
1 mln |
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Percentage of Reduction |
90% (1 share for every 1.11 shares) |
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Reason |
Restructuring capital to offset accumulated losses. |
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Method |
Writing off 9 mln shares |
In addition, the board amended its recommendation to increase capital through a SAR 100 million rights issue, instead of SAR 200 million.
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Capital Increase Details |
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Pre-Increase Capital |
SAR 10 mln |
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Number of Shares |
1 mln |
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Post-Increase Capital |
SAR 110 mln |
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Number of Shares |
11 mln |
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Percentage of Increase |
1000% (10 shares for each share) |
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Method |
10 mln share issue |
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Reason |
Supporting the company's activities and paying creditors |
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Record Date |
Shareholders of record on the date of the EGM that decides to increase capital and those registered with Edaa on the second trading following the date of the EGM |
The capital hike is subject to the competent authorities’ and the shareholders’ approval during the next extraordinary general meeting (EGM).
Wasatah Capital was appointed as a financial advisor and underwriter for the capital cut, as well as the capital increase, the statement added.
Updates regarding the submission of the capital increase request to the Capital Market Authority (CMA) will be disclosed.
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