Al-Baha Investment and Development Company’s board gave a nod on Tuesday to sell its Al-Baha Synthetic Leather Factory and Athrab Cable Car project.
The board said it opted for selling, instead of leasing, in order to boost revenues.
Al-Baha added that it will look to acquire existing low-risk projects and venture into investments. The board also decided to increase its capital from SAR 150 million to SAR 300 million through a one-for-one share rights issue.
The resolution comes as part of the company’s turnaround plan, given that its Athrab Cable Car tourism project, as well as the leather factory had been halted for over ten years.
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