Addendum Announcement from Al-Baha Investment and Development Co. in regards to Annual Financial Results for the Period Ending on 31 December 2020
| Element List | Explanation |
|---|---|
| Introduction | Subsequent to the company's announcement on 10 Ramadan 1442 AH corresponding to April 22, 2020 AD for the annual financial results ended on December 31, 2020 AD and its subsequent announcement on 13 Ramadan 1442 AH corresponding to April 25, 2020 AD regarding the accumulated losses as on December 31, 2020 AD, an amount of 69,300,223 Saudi riyals Equivalent to 39.15% of the company's capital of 177,000,000 Saudi riyals, the company would like to explain to the shareholders the measures that the company will take regarding these losses:
First: On November 10, 2020 AD, the Board of Directors recommended increasing the company's capital by offering priority rights shares in an amount of 120,000,000 riyals, through which the company aims to finance and implement its plans and future projects and expand its various activities in addition to reducing the company's losses.
Second: Appointing Messrs. Al-Dakhil Financial Group as a financial advisor for the IPO.
Note that work is currently underway to complete the company’s capital increase file and submit it to the Financial Market Authority, God willing.
The procedures and instructions for companies whose shares are listed in the Saudi Stock Exchange, whose accumulated losses amounted to 35% or more of their capital, will be implemented. |
| Date of Posting the Previous Announcement of Development on Tadawul's Website | 2021-04-22 Corresponding to 1442-09-10 |
| URL of the Previous Announcement | Click Here |
| Change on the Development | There is no |
| Financial Impact on the change | There is no |
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