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 ( FZ ) should secure KD 1.5 m for the beneficiary of an investor
Kuwait Stock Exchange Market announces receipt of a letter from Al Mazaya Holding (Mazaya) which states the following:
With reference 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 Al Mazaya Holding has been informed by one of its subsidiaries that a conservatory attachment writ was issued against the subsidiary in question to secure an amount of KWD1.521.526 (one million, five hundred twenty one thousand and five hundred twenty six Kuwaiti Dinar) under the disposal of Kuwaiti banks for the beneficiary of one investor contracted with the company for one of its projects in Dubai, UAE. The writ was issued following a suit between them in which the plaintiff (investor) demanded termination of the contract signed between them and reimbursement of the amounts paid by him.
The subsidiary has stated that the hearing is scheduled for 11th of June 2014 at the Court of Appeal, and that in the event of a final judgment issued in favour of the opponent, the judgment will not affect the company’s income statement, as reimbursement the money paid by the investor will incur entering the assets and the entire project for the benefit of the company.
Based on the above, the company discloses that the conservatory attachment against its subsidiary and in the case of a final judgment issued against its subsidiary, will not necessarily incur any impact on the statement of the company’s total income
