AlBaha told to implement court order related to Al Sateaa Modern

AlBaha Investment and Development Co. received a court order requiring it to implement a previous administrative court order in favor of Al Sateaa Modern Construction Co.

The original order requires AlBaha to make a payment of SAR 3 million, evacuate 134 plots in Al Taif and evacuate the poultry project land in Al Aqeeq.

AlBaha said that it will assign a competent authority to receive its assets from Al Sateaa Modern as per a previous court order.

The assets include a crusher with all equipment attached, all movable and immovable assets and important documents, the company said in a statement to Tadawul.

In September 2012, a court order was issued in the law suit relating to the assets swap agreement between the two companies, which rejected Al Baha’s objection to the swap.

AlBaha then said that shareholders’ equity will be reduced from SAR 83 million to SAR 14 million as a result of the swap.