AlBaha looks to cut losses to below 15%, says CEO

AlBaha for Development & Investment Co. is looking to reduce its accumulated losses to below 15 percent of capital during the current and next year, chief executive officer, Ziad Mohammed Sultan Al Amro told Argaam.

To achieve this, the company is looking at several options including expanding investments--albeit prudently—so as to gain good returns and maintain growth.

Al Amro said the Saudi market regulator, the Capital Market Authority (CMA), had supported the company’s efforts over cutting accumulated losses.

On Saturday, the CMA lifted a trading ban on AlBaha after it cut accumulated losses to 15.7 percent of capital. The stock will start trading on Sunday at SAR 22.50, after AlBaha increased, then decreased capital. 

The company had been banned from trading since April 6, 2013, Argaam earlier reported.