Al-Baha discloses latest updates on case with Al-Sateaa

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co. stated that a court hearing was scheduled for Sept. 1 to consider its ongoing case with Al-Sateaa Modern Contracting Co.

In a Tadawul statement, the company added that there is no impact as it had previously booked a provision of SAR 84 million to meet the losses resulting from the asset exchange contract with Al-Sateaa.

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The company will follow up on developments in this regard and announce any material development, the statement added.

According to data available on Argaam, Al-Baha announced in May developments in its ongoing case with Al-Sateaa as regards obligating Al-Baha to complete the ownership transfer of 134 land parcels at the notary public, representing a 50% undivided stake in a property located in Al-Murouj, Al-Sail Al-Sagheer, Taif Governorate, to the plaintiff. A previous ruling from the Jeddah General Court, along with a decision from the Fifth Civil Circuit, ordered a freeze on any transactions related to the disputed land.