Thimar files for CMA's approval on 90% capital cut

One of Thimar’s branches

Thimar Development Holding Co. submitted a request for the Capital Market Authority’s (CMA) approval on the proposed capital cut by 90%, or SAR 90 million, the company said in a statement to Tadawul today, April 5.

The company's board of directors recommended, on March 28, cutting capital to SAR 10 million through writing off nine million shares, according to Argaam's data.

Thimar will then increase capital through a SAR 100 million rights issue, to SAR 110 million, as per the board’s proposal.

Thimar added that the capital decrease is subject to the applicable regulatory approvals, including its extraordinary general assembly’s nod.