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Explanatory announcement from Thimar Development Holding Co. regarding the violations of the previous board of directors and their conviction by The General Secretariat of Committees for Resolution of Securities Disputes on 7-6-2023
| Element List | Explanation |
|---|---|
| Announcement Detail | Thimar Development Holding Co. would like to clarify to the honorable shareholders regarding the announcement of The General Secretariat of Committees for Resolution of Securities Disputes on Thursday 18-12-1444 AH corresponding to 06-07-2023, condemning a number of former members of the Board of Directors and Managing Director with Thimar Development Holding Co. (who exercised their duties in the company before July 2021) for violating the financial market system and its implementing regulations. It is known to the shareholders that when the board of directors appointed in July 2021 and the current board appointed in May 2023 took over the reins of the company’s affairs, they found several direct and indirect violations and abuses by the boards of directors previous to the above dates, and among the most prominent effects was the suspension of the stock from trading and the suspension of the company’s activities. The Board carried out tasks, most notably preserving the company's assets, returning the shares to circulation, resolving problems and removing obstacles that prevented this, and it filed a liability lawsuit against the members of the previous Board of Directors to claim an amount of SR (230) million, as in the announcement on 14-03-2023. This is in order to preserve the company’s funds and recover the shareholders’ rights. The committee’s final decision was issued on 06-07-2023 to condemn the former members regarding their violation of the regulations and their transgressions, which confirms the validity of the company’s filing of the liability lawsuit, of which the violations referred to in the Secretariat’s announcement above where it is still being considered by the Committee for the Resolution of the Securities Dispute, and we will announce at that time clarifying the developments in this regard. The company's management confirms that It is still working on many of the previous violations, and has made an inventory of the company's assets and made a record for it. It will not hesitate to take any legal action for the violations that have taken place in order to preserve the rights of shareholders. |
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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Last Price 36.6
Net Change -0.72 (-1.93%)
Value Traded (Sar) 9,193,316.88
Volume Traded 245,453
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