Al-Baha to retain its business despite whopping losses

18/09/2014 ِArgaam

The general assembly of Al-Baha for Development and Investment (Al-Baha) decided yesterday not to dissolve the company, despite its whopping accumulated losses and the suspension of its stock on Tadawul, and assigned the board to take necessary actions accordingly.

 

The Saudi Capital Market Authority (CMA) had suspended the company’s stock on Tadawul since April 6, 2014. Its accumulated losses reached around SAR 184 million by the end of August 2014-- 122.7 percent of capital.

 

The general assembly also rejected the selling out of troubled and non-operational assets, and approved the financial statements and auditors’ and board’s reports for December 31, 2013.

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