Riyadh – Mubasher: Thimar Development Holding Company announced that its ordinary general meeting (OGM), held on 6 July 2026, approved measures to initiate legal proceedings against former leadership.
The meeting, conducted at the company’s headquarters and via digital platforms at 18:30, recorded a shareholder attendance rate of 28.18%.
Shareholders voted to delegate authority to the board of directors to refile liability lawsuits against former board members and executive management for the period spanning 6 March 2017 to 3 July 2021.
This authorization covers any violations committed during their tenure, including breaches of the Companies Law, Capital Market Law, and related executive regulations.
Furthermore, the assembly approved the filing of additional claims related to violations occurring between 22 January 2014 and 13 May 2026.
The board is empowered to take all necessary legal actions to protect the rights of the company and its shareholders. All board members, led by Chairman Sulaiman bin Nasser Al Hatlan, were present for the session.
In June, Thimar signed a binding agreement to sell its entire investment in the Business Square Four Directions Osool and Bakheet Development Fund.
