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.
Arbitration btw Mazaya holding and kuwait business town .
With reference to the above mentioned subject and to article No. 24 of the third clause of 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 a date was set for adjudication in the hearing session dated 27/11/2014, for the lawsuit No 5528 of 2014, filed by Kuwait Business Town Real Estate Company K.S.C.P against Al Mazaya Holding (KSCP) regarding nullifying the arbitration’s ruling No.3 of 2013, which was recently issued in favour of Mazaya Holding (KSC) against Kuwait Business Town Real Estate Company, as follows:
First: oblige the respondent (Kuwait Business Town Real Estate Company) to pay to the claimant (Al Mazaya Holding) an amount of KWD 837.806/261 (Eight Hundred and Thirty Seven Thousand, Eight Hundred and Six Kuwaiti Dinar).
Second: oblige the respondent (Kuwait Business Town Real Estate Company) to pay the legal interests of 7% of the awarded amount as from the date of claim to the date of full payment.
Third: oblige the respondent (Kuwait Business Town Real Estate Company) to pay the arbitration fees and expenses.
The company will disclose the adjudication when it is issued.
