Al-Baha Investment & Development Co. published, on Tadawul website on Monday 9/3/1434H corresponding to 21/1/2013, its preliminary financial results for the fourth quarter for the fiscal period ending on 31/12/2012. The results showed that the company’s losses for the fourth quarter of 2012 reached (1,380,642) Saudi Riyals. The announcement also included a note in the company’s certified public accountant report stating that the company failed to make an appropriate provisions for doubtful debts with the amount of 7 million Saudi Riyals as a result of a preliminary injunction in its case against Al Sateaa Modern General Contracting Company which is not consistent with the generally accepted accounting standards. If the note of the certified public accountant is taken into consideration, the accumulated losses of the company will exceed three-quarters of its capital, which requires taking the necessary statutory procedures. Since these preliminary results show that the accumulated losses takes a large percentage of the capital and so affects the integrity of its financial position, the CMA Board issued its resolution dated 10/3/1434H corresponding to 22/1/2013 that includes giving Al-Baha Investment & Development Co. an extension to amend its situation according to the relevant laws and until it announces its preliminary financial statements on 31 March 2013. CMA will look into the actions taken by the company after the end of the above mentioned extension.