Riyadh – Mubasher: Al Baha Investment and Development Company said its appeal against the court ruling in the lawsuit filed against Al Sataa Modern Contracting Company was rejected.
The court obliged Al-Baha Investment to pay Al Sataa Modern Company for General Contracting a sum of SAR 3 million, according to a bourse disclosure on Thursday.
Furthermore, Al-Baha was ordered to effectively evacuate the entire 134 land plots in Al-Morouj Scheme in Taif’s Al-Sail Al-Saghir for Al Sataa Modern Company and waive, in the latter’s favour, the entire poultry project and its land.
Earlier, Al-Baha formed a provision of SAR 66.703 million to offset the losses resulting from the asset exchange contract with Al Sataa Modern Company.
Al-Baha noted it will be making further announcements in due course should there be any additional financial effects.
