AlBaha says stalled projects, legal claim behind losses

18/04/2017 Argaam

AlBaha Investment and Development Co. said on Tuesday that its accumulated losses reached SAR 185.37 million, or 123.58 percent of its capital.

 

These losses were attributed to the stalled projects of AlBaha and Athreb aerial lifts in addition to the loss of its claim against Al Sateaa Modern Construction Co., AlBaha said in a statement to Tadawul.

 

A full provision was allocated for the claim of asset swap with Al Sateaa in February 2011.

 

The company will announce developments about a restructuring plan by reducing its accumulated losses below 50 percent of capital, the statement added.

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