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.
Al Mazaya has won an arbitration against KBT to settle KD 837,806 to the company.
Subject: Al Mazaya has won an arbitration against KBT to settle KD 837,806 to the company.
With reference to abovementioned subject and to Financial Market Instructions regarding Disclosure of Material Information No. (C.M.A/ S.S/D.I/2/2012), we would like to inform you that the suite No. 4156/2014 has been decided by REFUSING OBJECTION TO EXECUTION OF JUDGEMENT, and enforce the arbitration award No. 3 of 2013 regarding the abovementioned disclosure, which has been decided for Al Mazaya Holding Company (LLC) (Holding) against Kuwait Business Town Real Estate Company (LLC) with the following:
First : forcing the defendant, Kuwait Business Town Real Estate Company to pay for the Plaintiff Al Mazaya Holding Company a sum of 837,806.261 K.D ( only eight hundred and thirty seven thousand and eight hundred and six Kuwaiti Dinar and 261 fils)
Second: Forcing the defendant, Kuwait Business Town Real Estate Company to pay legal interests of 7 % in the decided sum as of the date of claiming and till date of payment.
Third: Forcing the defendant, Kuwait Business Town Real Estate Company to be charged with expenses and remunerations.
We will keep you informed with latest about execution the arbitration award.
