Riyadh - The extraordinary general meeting (EGM) of Thimar Development Holding Company recently approved raising the capital by SAR 150 million through a rights issue after receiving approval from the Capital Market Authority (CMA) in September 2023.

The Riyadh-based company will raise its capital by 150% to stand at SAR 250 million distributed over 25 million shares, compared to SAR 100 million and 10 million shares, according to a bourse filling.

In a separate statement, the firm noted that the rights issue trading period has ended on 19 October, while the subscription period for the new shares will end on 24 October 2023.

Thimar said earlier that its shareholders would hold a meeting to consider issuing 150 million shares in a capital hike transaction that aims to support its business and pay off debt.

During the first half (H1) of 2023, Thimar recorded net losses after Zakat and tax worth SAR 1.56 million, compared with net profits of SAR 33.09 million in H1-22.

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