Al Mazaya Holding Co (K.S.C) a leading property firm in the region, signed a contribution contract with “Oman Construction” to share in a real estate investment portfolio in Oman with a capital of OMR 3.1 million. Al Mazaya’s share is 40% while 12% is for Oman Construction and 12% for “Mina” real estate company. The remainder of the percentage is submitted for IPO from a chosen group of investors and real estate companies.
A Lawsuit disclosure
With reference to the above subject and to paragraph (14،22) of article 4-1-1 of chapter 4 of book 10 of the executive regulation of law No.7 of 2010 regarding the establishment of the Capital Markets Authority and regulating securities’ activities, kindly find the attached Lawsuits disclosure form.
Lawsuits Disclosure Form
| Date: | 30/04/2024 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Automated Lawsuit numberLawsuit Number | 633/2023 Real Estate (Dubai Courts of First Instance) |
| Subject of the Lawsuit | Some buyers of real estate units in one of the group’s projects in the Emirate of Dubai filed a lawsuit against the company and one of its subsidiaries in the Emirate of Dubai, demanding the annulment of the reservation forms for the subject real estate units of this lawsuit between the parties, and demanding that the defendants be jointly obliged to refund a total amount of AED 5,530,321 (equivalent to almost KD 462,000), which includes a claim amount of AED 4,030,321 as well as an amount of AED 1,500,000 being a compensation for material and punitive damage in addition to the legal interest of 9% until full payment. |
| The Court Judgement / Verdict date Court circuit | 29/04/2024 |
| The name of the Court that issued the Judgement / Verdict | Dubai Court of First Instance |
| Parties of the Lawsuit | Helen Jane Tatham and Pauline Mary Leale (plaintiffs)against Mazaya Real Estate Free Zone LLC and Mazaya Holding (defendants) |
| The Judgment / Verdict in favor of | The Plaintiffs |
| Court of First Instance Judgment / Verdict | The court ruled in the presence of defendants to oblige them jointly to pay to the plaintiffs an amount of AED 2,944,129.57 (equivalent to almost KD 247,000) and the legal interest thereon at the rate of 5% annually from the date of the judicial claim on 07/06/2023 until full payment in addition to the proportionate legal expenses and a legal fee amounting to AED 1,000,while rejecting all other claims. |
| Court of Appeal Judgment / Verdict | No court verdict has been issued |
| Court of Cassation Judgment / Verdict | No court verdict has been issued |
| The expected financial impact on the company as a result of the Judgment / Verdict | The company is in the process of appealing against that court verdict in front of The Court of Appeal. Also, the company had booked full provision against the total value of that claim during last year on the basis of conservatism, and hence, there is no financial impact on the company’s results of operations due to that court verdict. |
