Company suspended from Tadawul

by ArabianBusiness.com staff writer Thursday, 01 February 2007

The Saudi Capital Market Authority suspended trading in the shares of Bishah Agriculture Development Company (BADC) last month, after the company was forced to restate its results.

Revised results issued by BADC showed losses of SR22.3m (US$5.95m) for the third quarter of 2006.
The market regulator took the decision to suspend trading in the company's shares as it believed that the losses would significantly affect its ability to operate.

The company is believed to be considering whether to increase its capital, merge with another company, or go into voluntary liquidation. It has liquid capital of SR25m and around 100,000 shareholders.

BADC develops farms in Saudi Arabia, and on its last day of trading, January 10, had a market value of $92.78m.



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