Al-Baha opts to sell ​Athrab tourism, ​leather factory​ projects​; OKs doubling capital

04/03/2015 Argaam


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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