Al-Baha updates on case with Al-Sateaa

Logo of Al-Baha Investment and Development Co.

Al-Baha Investment and Development Co. announced on Tadawul the latest updates on its legal case with Al-Sateaa Modern Contracting Co.

Al-Baha’s Second Enforcement Division imposed a SAR 5,000 daily fine for non-compliance. The company filed an objection via Najiz on Oct. 29, 2024.

On Nov. 14, 2024, the enforcement judge terminated the request, citing Article 2/3 of the Enforcement Law, which limits the jurisdiction of enforcement judges to non-coercive procedures, such as property title transfers.

Following the enforcement ruling, Al-Baha detailed its actions. It paid SAR 3 million to the claimant and issued a legal power of attorney for transferring the Al-Aqiq land deed. Ownership was fully transferred to the claimant, as confirmed by the Real Estate Exchange platform, which marked the document as inactive.

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Al-Baha sought to amend the incorporation contract of the Saudi Educational Projects Company (Al-Baha Private College), where it holds a 37% stake, to transfer shares to the claimant per the ruling.

This request, submitted to the Ministry of Commerce through the e-Partners Decision System, was rejected. Follow-up efforts are ongoing.

Al-Baha was also ordered to vacate 134 plots in the Murouj development, Taif, where it holds a 50% undivided interest. A ruling by the Jeddah General Court reaffirmed and maintained the suspension of any property transactions.

The company will update on any material developments accordingly.