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Saudi Arabia’s real estate management firm Al Baha Investment and Development Company has cancelled its recommendation to list its subsidiary Elegant Centers Company Limited on the country’s parallel market Nomu, according to a Tadawul filing.
In a separate filing, Al Baha Investment also announced plans to reduce the company’s capital by 26.5%, following a board recommendation at the Extraordinary General Assembly. The move would bring the company’s current capital down to 218.3 million Saudi riyals ($58.2 million), from SAR 297 million.
(Writing by Bindu Rai, editing by Seban Scaria)
