Al Baha files complain against former board members
Al Baha Investment and Development Co. filed on May 8 a complaint with the Capital Market Authority (CMA) against former board members, who served from Feb. 10, 2010, to Feb. 9, 2013.
In a statement to Tadawul, Al Baha said the former board members had signed a contract to sell company assets under which the company acquired a crusher, a cement concrete project, and a hollow core project from Al-Sateaa Modern Contracting Co. for SAR 86 million.
The company paid SAR 10 million in cash, while the remainder will be paid in kind as a waiver of Al Baha's entire assets. Al Baha will pay 50% of the land price of the Al Murooj project in Taif. The land spans an area of 114,000 square meters.
The assets also include a 993,000-square-meter land plot located west of the western corner of Al Aqiq Governorate Airport, where a poultry project with all its facilities and fixed and movable assets is located.
Moreover, Al Baha holds a stake in Al Baha Private College Co., estimated at SAR 18 million.
The company is seeking compensation of SAR 100 million, in addition to attorney fees, and it will provide further updates as necessary.
Al Baha expects a financial impact of SAR 100 million, along with the reversal of a previous provision amounting to SAR 84 million. The company also anticipates financial compensation of SAR 15.99 million due to the damage incurred by the company and its shareholders as a result of the stock suspension, in addition to attorney fees.
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