Riyadh – Mubasher: Thimar Development Holding Company’s board of directors has amended its proposal to raise the company’s capital by offering rights shares worth SAR 200 million instead of SAR 150 million.

Hence, the company’s new capital will stand at SAR 300 million. The capital hike aims to maximise Thimar’s expansion capacity in investments and provide the necessary liquidity to pay part of the due financial obligations, according to a bourse statement on Sunday.

In April 2019, Thimar’s board suggested increasing the company’s capital through a SAR 150 million rights issue.

It is worthy to note that Thimar incurred accumulated losses worth SAR 54.81 million as of 31 December 2019, accounting for 54.82% of the SAR 100 million capital.  In 2020, the Tadawul-listed company suffered net losses after Zakat and tax of SAR 11.67 million, down 79.41% from SAR 56.73 million in 2019.

Last November, the firm’s shareholders agreed to change its name from the National Agricultural Marketing Company to Thimar Development Holding.