A Lawsuit disclosure – Mazaya Holding

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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.

In This Section

A Lawsuit disclosure

04-April-2023

Date:

04/04/2023

Subject

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:

04/04/2023

Name of listed company

Al Mazaya Holding Co. K.S.C. P

Automated Lawsuit number

…………………………..

Lawsuit number

42/2023/1530 Commercial (Dubai Courts of First Instance)

Subject of the Lawsuit

Where two subsidiaries of Al Mazaya Holding Company in the Emirate of Dubai (the defendants in this case) previously filed a lawsuit against the plaintiffs in this lawsuit by claiming sums in exchange for developing real estate projects for them in the Emirate of Dubai, and they obtained a final judgment and settled against them for a total amount of 19,780,852 AED (the subject of the disclosure dated 10/19/ 2021, and its implementation is being completed, as a result of which the plaintiffs filed this lawsuit by claiming the following amounts against Al Mazaya Holding Company, the two subsidiaries and others, as follows:

1- Claiming that the defendants and those required to be included jointly, severally, and jointly be required to pay to the plaintiffs an amount of 261,026,454 AED with legal interest at the rate of 5% from the date of the judicial claim until full payment, with the inclusion of the judgment of expedited exhaustion free from the bail bond.

2- Claiming that the defendants and those required to be included jointly, severally, and jointly be required to pay to the plaintiffs an amount of 50,000,000 AED as compensation for lost profits.

3- Obligating the defendants and those required to be included with the fees, expenses, and attorney’s fees

The Court Judgement / Verdict date Court circuit

No court verdict has been issued

The name of the Court that issued the Judgement / Verdict

The courts of the Emirate of Dubai – Cassation court

Parties of the Lawsuit

Granada Holdings Limited and others (plaintiffs)against Al Mazaya Real Estate Development Company W.L.L., Al Mazaya Real Estate Company FZ W.L.L. (subsidiaries), Al Mazaya Holding Company K.S.C.P., and other liabilities (defendants)

The Judgment / Verdict in favor of

No court verdict has been issued

Court of First Instance Judgment / Verdict

No court verdict has been issued

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

There is no financial impact on the company until the case is decided.

Date:	04/04/2023
Name of listed company	Al Mazaya Holding Co. K.S.C. P
Automated Lawsuit number	…………………………..
Lawsuit number	42/2023/1530 Commercial (Dubai Courts of First Instance)
Subject of the Lawsuit	Where two subsidiaries of Al Mazaya Holding Company in the Emirate of Dubai (the defendants in this case) previously filed a lawsuit against the plaintiffs in this lawsuit by claiming sums in exchange for developing real estate projects for them in the Emirate of Dubai, and they obtained a final judgment and settled against them for a total amount of 19,780,852 AED (the subject of the disclosure dated 10/19/ 2021, and its implementation is being completed, as a result of which the plaintiffs filed this lawsuit by claiming the following amounts against Al Mazaya Holding Company, the two subsidiaries and others, as follows: 1- Claiming that the defendants and those required to be included jointly, severally, and jointly be required to pay to the plaintiffs an amount of 261,026,454 AED with legal interest at the rate of 5% from the date of the judicial claim until full payment, with the inclusion of the judgment of expedited exhaustion free from the bail bond. 2- Claiming that the defendants and those required to be included jointly, severally, and jointly be required to pay to the plaintiffs an amount of 50,000,000 AED as compensation for lost profits. 3- Obligating the defendants and those required to be included with the fees, expenses, and attorney’s fees
The Court Judgement / Verdict date Court circuit	No court verdict has been issued
The name of the Court that issued the Judgement / Verdict	The courts of the Emirate of Dubai – Cassation court
Parties of the Lawsuit	Granada Holdings Limited and others (plaintiffs)against Al Mazaya Real Estate Development Company W.L.L., Al Mazaya Real Estate Company FZ W.L.L. (subsidiaries), Al Mazaya Holding Company K.S.C.P., and other liabilities (defendants)
The Judgment / Verdict in favor of	No court verdict has been issued
Court of First Instance Judgment / Verdict	No court verdict has been issued
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	There is no financial impact on the company until the case is decided.