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SAUDI DARB

04 May, 2025 15:54

Al-Baha Investment and Development Co. Announces an update on The judgment issued by the Commercial Court for Al-Satea Al-Hadithah Contracting Company Limited

Element ListExplanation
Introduction In continuation of the announcement of Al Baha Investment and Development Company dated 15-05-1446, 17-11-2024 regarding the ruling issued by the Commercial Court for Al-Satea Al-Hadithah Limited Contracting Company
Previous Announcement The judgment issued by the Commercial Court for Al-Satea Al-Hadithah Contracting Company Limited
Date of Previous Announcement on Saudi Exchange’s Website 2024-11-17 Corresponding to 1446-05-15
Hyperlink to the Previous Announcement on the Saudi Exchange Website Click Here
Latest Developments Of The Announced Event The company would like to announce to the honorable shareholders that it has received an appointment to attend the video session on 01-12-1447 according to the Umm Al-Qura calendar, related to obligating Al-Baha Company to actually vacate at the notary public all the plots, numbering 134 plots, which it owns 50% of the entire land in the Al-Morouj plan, located in Al-Seel Al-Sagheer in Taif Governorate, in favor of the plaintiff company, and the judge’s ruling was issued by the General Court in Jeddah Governorate on 01-20-1438 pursuant to the letter of the President of the Court of Appeal dated 09-06-1438 and the decision of the Fifth Legal Circuit dated 07-28-1438 to stop the disposal of the property, and on 04/14/1445
Reasons For The Delay on The Date of The Event Previously Announced The company is following up on developments in this regard and announcing any material development.
The costs associated with the event, and if they have changed or not with indication of the reasons. There is no change in the costs associated with the event, as the company had previously made a provision to meet the losses resulting from the asset exchange contract with Al-Satea Al-Hadithah General Contracting Company in the amount of 84,003,717 Saudi Riyals, as the group’s management believes that the assets that are supposed to be obtained in exchange for the exchange deal are not significant and there is a significant decline in them due to their obsolescence, and accordingly a provision was made against them at the book value of the performance obligations that it is obligated to provide to the other party.
Delay consequences on the Company’s financial results There is no impact as the company had previously made a provision to meet the losses resulting from the asset exchange contract with Al-Satea Al-Hadithah General Contracting Company in the amount of 84,003,717 Saudi Riyals.
Additional Information The company will follow up on developments in this regard and announce any material developments.

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