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.
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: | 30/10/2023 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Automated Lawsuit number | (Previous case No.) 42/2023/1530 Commercial |
| Lawsuit Number | (Currant case No.) 517/2023 Real Estate |
| Subject of the Lawsuit | 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 claiming sums in exchange for developing real estate projects for them in the Emirate of Dubai, and the subsidiaries obtained a final judgment against them for a total amount of AED 19,780,852 (the subject of the disclosure dated 19/10/ 2021) under which the execution is under process, and as a result, 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, to pay to the plaintiffs an amount of AED 261,026,454 with legal interest at the rate of 5% from the date of the judicial claim until full settlement, 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, to pay to the plaintiffs an amount of AED 50,000,000 as compensation for lost profits. 3- Obligating the defendants and those required to be included to pay the fees, expenses, and attorney’s fees |
| The Court Judgement / Verdict date | 30/10/2023 |
| The name of the Court / Court circuit that issued the Judgement / Verdict | Dubai First Instance Courts |
| Parties of the Lawsuit | Atheer Development Limited and others (plaintiffs) against Al Mazaya Emirates Real Estate Development Company L.L.C, Al Mazaya Real Estate Company FZ L.L.C. (subsidiaries), Al Mazaya Holding Company K.S.C.P., and other defendants to be included in the case. |
| The Judgment / Verdict in favor of | The defendants “Al Mazaya Holding Company and its subsidiaries” |
| Court of First Instance Judgment / Verdict | The court ruled in: First: Accepting the inclusion of (1- Dynasty Al-Zarouni Inc., 2- Kabir Molchandani, and 3- Hilal Muhammad Abdul Karim Abu Al-Hassan Al-Zarouni) as defendants in the lawsuit in form. Second: Did not accept he case as its subject was already resolved by the court through case No. 297/2020 Plenary Real Estate, and the plaintiffs were obligated to pay the deferred fees according to what was stated as part of reasons and expenses, in addition to one thousand dirhams for attorney’s fees. |
| 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 | Currently, there is no financial impact until a verdict is issued. |
