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.
Mazaya won an arbitration request from KBT
8:26:04- Al Mazaya Holding (Mazaya) disclosure
Kuwait Stock Exchange Market announces receipt of a letter from Al Mazaya Holding (Mazaya), which states the following:
With reference to the Capital Markets Authority’s guidelines on disclosure of material information (هـ أ .م/ق.ر./إ.م./2/2012), we would like to inform you that Kuwait Commercial Arbitration Centre – Kuwait Chamber of Commerce and Industry, has issued a ruling in favour of Al Mazaya Holding (KSC) against one Kuwaiti firm, as follows:
First: The arbitration request in form has been accepted.
Second: The respondent (Kuwait Business Town Real Estate Company) is obliged to pay to the claimant (Al Mazaya Holding) an amount of KWD 837.806 (Eight Hundred and Thirty Seven Thousand, Eight Hundred and Six Kuwaiti Dinar).
Third: The respondent (Kuwait Business Town Real Estate Company) is obliged to pay the legal interests of 7% of the awarded amount as from the date of claim to the date of full payment.
Fourth: The respondent (Kuwait Business Town Real Estate Company) is obliged to pay the arbitration fees and expenses.
This will generate profits equivalent to the awarded amount to the company in the form of reversal of provisions to the above-mentioned amount. This will be included in the company’s financial statements when the award is enforced and the amount has been received.
