Al-Baha Investment may have to be dissolved as losses accumulate, auditor

20/04/2014 ِArgaam

Baha Investment and Development Co may have to be dissolved as accumulated losses have reached SAR 182.5 million, or 100 percent of its capital, according to the auditor’s report posted on the Saudi bourse, Tadawul.

 

The company, which runs industrial, agricultural and tourism projects, reported today SAR 1.1 million losses in the first quarter.

 

The company has booked SAR 68.7 million provisions after it had lost a dispute with Al Sataa company, according to the report.

 

To date the board has not met to approve the financial results of 2012, it added.

 

The Saudi Capital Market Authority suspended trading in al-Baha shares on April 6, 2013.

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