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Saudi Arabia’s Thimar Development Holding company is looking to increase its capital by 195 million ($52 million) via a rights issue, according to a Tadawul filing.
Thimar, which primarily deals in agricultural products and meats, has submitted an application to increase its capital to the Saudi Capital Market Authority (CMA).
In April, the company received approval by the CMA for a 74% capital cut, from SAR 250 million to SAR 65 million, following a board recommendation to restructure to offset its SAR 185 million in accumulated losses.
(Writing by Bindu Rai, editing by Daniel Luiz)