AlBaha Investment and Development Co. has denied reports that it offered to sell the AlBaha cable car project.
The company still owns the cable car project and never offered it for sale, it said in a statement to the Saudi Stock Exchange.
The project was halted due to its high operating costs versus low revenue, as the company is trying to cut costs and improve its finances, the statement added.
The firm’s headquarters is in Baljurashi City, at the Industrial City’s leather factory (an administrative building), it said, adding that its registration at the chamber is still valid until Feb. 20, 2022.
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