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Al-Baha Investment and Development Co. Announces an update on The company has submitted its appeal against the judgment received on 21 Jumad Al Awal 1440 AH corresponding to January 27 2019 AD related to correcting the interpretation of the judgment issued by the Commercial Court of Al-Sataa Modern Contracting Company Ltd

ALBAHA 4130 -0.62% 40.10 -0.25
Element List Explanation
Introduction Further to the announcement of Al Baha Investment and Development Company on 29 Jumada Thani 1442 AH corresponding to February 11 2021 regarding the companys submission of its appeal against the judgment received on 21 Jumada I 1440 AH corresponding to January 27 2019 CE regarding the correction of the interpretation of the judgment issued by the Commercial Court of the Al Sataa Modern Contracting Company Ltd
Previous Announcement The company has submitted its appeal against the judgment received on 21 Jumad Al Awal 1440 AH corresponding to January 27 2019 AD related to correcting the interpretation of the judgment issued by the Commercial Court of Al-Sataa Modern Contracting Company Ltd
Date of Previous Announcement on Tadawul's Website 2021-02-11 Corresponding to 1442-06-29
Percentage of fulfilled achievement There is no
Event's Expected Completion Date There is no
The costs associated with the event, and if they have changed or not with indication of the reasons. The company had previously established an allowance to meet the losses resulting from the asset exchange contract with Al-Sata'a Modern Company in an amount of 66,703,158 Saudi riyals. This additional financial impact - if any - will be disclosed in due course.
Additional Information The company wishes to inform the shareholders that following the appeal against the ruling related to the correction of the interpretation of the judgment issued by the Commercial Court of Al Sataa Modern Contracting Company Ltd. H, corresponding to February 17 2021 AD and the Chamber decided to accept the objection in form reject it in substance and support the ruling of the Second Circuit (in the Jeddah Commercial Court in the case) and the judge:

The Chamber decided to adhere to its previous decision dated 06/19/1439 AH which stated that the term intended to oblige the parties to the case to complete the implementation of the contract concluded between them is the subject of this case and dated 03/03/1432 AH as follows:

First: To oblige Al-Baha Investment and Development Company to pay Al Sata a Modern Company for General Contracting an amount of three million riyals.

Second: To oblige the Al-Baha Investment and Development Company to effectively empty the entire 134 plots with the notary public, which it owns 50% of the entire land in Al-Morouj Scheme located in Al-Sail Al-Saghir in Taif Governorate in favor of Al-Sata'a Modern Company for General Contracting.

Third: To oblige the Al-Baha Investment and Development Company to assign in favor of the Al-Sata a Modern Company for General Contracting Ltd. of the entire contents of the poultry project and the land on which the project is based which is owned by the Al-Baha Investment and Development Company.

The company will follow up on developments in this regard and announce any material development in a timely manner

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