Al-Baha says Jeddah's court decision in favor of Al Sateaa affirmed

Al-Baha Investment and Development Co.’s announced that the Court of Appeal upheld the decision of the Jeddah Commercial Court issued in the favor of Al Sateaa Modern Construction Co., according to a bourse filing today, Feb. 18, 2021.

The Jeddah court had ordered Al-Baha to make a payment of SAR 3 million to Al Sateaa, evacuate 134 plots in Taif and evacuate the poultry project land in Al Aqeeq..

Al-Baha set aside SAR 66.70 million in provisions to hedge against losses resulting from the asset exchange contract with Al Sateaa. It will disclose the related financial impact in due course, the statement added.

According to data compiled by Argaam, Al-Baha said in December 2020 that its lawsuit against Al Sateaa Modern Construction Co. was returned to the court of appeal, and the court set Jan. 18, 2021, as the date for hearing the case.

In February 2020, Al-Baha announced it filed an appeal against the court order issued on Jan. 27, 2019, concerning the correction of the interpretation of the judgment.

In August 2016, Al-Baha received a court order requesting the implementation of a previous administrative court order in favor of Al Sateaa Modern Construction Co. requiring Al-Baha to make a payment of SAR 3 million, evacuate 134 plots in Taif and evacuate the poultry project land in Al Aqeeq.

In February 2017, the company obtained a ruling to stop the implementation until the order is corrected.