Al-Baha narrows accumulated losses to 27.5% of capital

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co. decreased its accumulated losses from 43.86% to 27.5% of the capital that stands at SAR 297 million, as on March 31, 2022, according to a bourse filling. 
  

The accumulated losses amounted to SAR 81.74 million, Al-Baha added. 
 

The company took procedures to reduce its accumulated losses, including the increase of capital through offering a SAR 120 million rights issue.  
 

The capital top-up aims to finance the company’s plans and future projects, as well as expand business and reduce the accumulated losses. 
 

The firm confirmed that it will implement its plans to reduce the accumulated losses and expand activities. 
 

On Feb. 21, Al-Bah’s shareholders approved the board of directors’ recommendation to increase capital via a SAR 120 million rights issue, during the extraordinary general meeting (EGM), according to data compiled by Argaam.