Saudi Arabia’s Al-Baha Cancels Plan to Purchase Three Companies

Al-Baha Development & Investment Co. (ABDICO) abandoned plans to take over three companies today, the operator of industrial projects in Al-Baha province in Saudi Arabia said in a statement to the Saudi bourse.

The company canceled a memorandum of understanding to buy Saqifa Al Safa Co., Saudi Building & Construction Management Co. and Serry Said Shaaban Est., “due to an increase in the market value of the three companies,” the statement said.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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