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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 Taifs Al-Sail Al-Saghir for Al Sataa Modern Company and waive, in the latters 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.

Source: Mubasher

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