Riyadh-Mubasher: Bishah Agriculture Development board expressed optimism about the continuity of the company's business in 2016 especially amid forecasts of obtaining the final approval to convert an agricultural land plot into residential land in Bishah governorate due to severe drought.
The company failed to record operating profits in 2014 and 2015.
According to the capital market regulations, the companies whose accumulated losses exceed 100% of capital will be delisted within two years. The regulations have been effective as of July 2014, and thus Bishah's two-year period will end July 2016.
Alkhabeer Capital has stopped a rescheduling study for Bishah after a financial dispute with the company, according to the board's report.
The market regulator gave the company the right to file a lawsuit against Alkhabeer but the lawyer advised it not to take a legal action due to the agreement conditions.
Bishah obtained the CMA's approval to trade its share over the counter on 22 March. However, no transaction has been executed so far.
Bishah owners call upon competent authorities to find a solution for their problems after nine years of haling the company.
