Thimar says 99.6% of shareholders approve financial reorganization proposal

A Thimar store

Thimar Development Holding Co. announced that 99.57% of shareholders, owning 4.55 million shares, approved the financial reorganization proposal on April 14, according to a bourse filing.

Meanwhile, 0.19% of shareholders, owning 8,726 shares rejected, and 0.23% of shareholders (10,690 shares) abstained from voting. Shareholders who attended the meeting own 45.57%, or 4.57 million of the company’s total number of shares.

In February, Thimar submitted the financial reorganization plan to the Ninth Commercial Circuit of the Commercial Court in Riyadh by the Secretary of Financial Regulation, Hani Alogaili.

In April 2021, Thimar said that the Commercial Court in Riyadh issued a decision to open the procedures for financial restructuring, according to data available with Argaam.