Riyadh –  Thimar Development Holding Company received on 25 April 2024 the Capital Market Authority’s (CMA) approval for a 74% capital cut.

Thimar will shrink its capital by SAR 185 million from SAR 250 million to SAR 65 million, according to an official statement.

Therefore, the number of shares will become 6.50 million instead of 25 million shares prior to the capital reduction process.

The CMA’s approval is yet subject to the extraordinary general meeting’s (EGM) nod and completion of the necessary procedures in relation to the applicable regulations.

The listed entity recently established a new firm under the name Thimar Towers Development and Real Estate Investment Company.

In 2023, the net losses of Thimar deepened by 120.94% to SAR 6.53 million from SAR 2.95 million. The loss per share also increased to SAR 0.53 as of 31 December 2023 compared with SAR 0.30 in the year-ago period.

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