Riyadh - Mubasher: Al Baha Investment and Development’s accumulated losses rose to SAR 185.37 million, representing 123.58% of its capital.

The company attributed the increase in accumulated losses to the stoppage of its leather factory and Jabal Atherb and Al Baha cable car stations, according to a bourse filing on Tuesday.

The ruling against Al Baha in its lawsuit with Al Sateaa Modern Construction Co also contributed to the hike of the losses.

Moreover, the firm’s board prepared a plan to resolve its financial situation through increasing and decreasing the capital to offset the accumulated losses, the statement added.

The Saudi-listed company announced that it will apply the procedures and instructions released by the Capital Market Authority (CMA) concerning the listed firm of which accumulated losses reached 20% or more of its capital as of 22 April.