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Addendum Announcement from Thimar Development Holding Co. in regards to explanatory announcement regarding the violations of the previous board of directors and their conviction by The General Secretariat of Committees for Resolution of Securities Disputes on 07-06-2023
| Element List | Explanation |
|---|---|
| Introduction | A reference to the company's explanatory announcement on the Saudi Tadawul website on 07-09-2023 regarding the violations of the previous board of directors and their conviction by The General Secretariat of Committees for Resolution of Securities Disputes on 07-06-2023 |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2023-07-09 Corresponding to 1444-12-21 |
| Hyperlink to the Previous Announcement | Click Here |
| Change on the Development | The company would like to explain to the shareholders the contracts signed by the previous board of directors in which the conviction was issued for violating the financial market system: 1. A contract for the sale and transfer of shares in the Thimar and Wasmi Agricultural Markets Company, signed on 12-29-2014 and stipulated in its Article (5), whereby the first party Thimar Development Holding Company undertakes to transfer the ownership of all real and movable assets owned by it and its branches during the fiscal year 2015 to the Thimar Markets and Wasmi Agricultural (the associate company), although Thimar Development Holding Co. owns only 30% of it. The associate company, Thimar and Wasmi, was liquidated by a court order. 2. An investment and leasing contract signed to establish a commercial complex on 05-10-2015 AD - and the total value for the entire contract period is (15) fifteen years in the amount of 1,800,000 Saudi riyals (one million and eight hundred thousand Saudi riyals). The project was withdrawn from the company in 2019, due to the company's failure to implement the project as stipulated in the contract. The company has been charged with a loss of 15 million Saudi riyals (fifteen million Saudi riyals) without documents justifying this recorded loss. A liability lawsuit was filed against the former board members at the request of the shareholders, as in the announcement on 03-14-2023 AD, to claim the assets and rights that were forfeited, and the lawsuit is still pending with the Committee for the Resolution of Securities Disputes. |
| Financial Impact on the change | N/A |
| Additional Information | The company's board of directors confirms that it works and by virtue of the responsibility and powers granted to it, it will take and follow up all legal measures that preserve the company's rights and protect the interests of its shareholders, and restore the company to its normal operations. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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