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: | 06/08/2023 |
| Name of listed company | Al Mazaya Holding Co. K.S.C. P |
| Automated Lawsuit number Lawsuit Number | 1441/2023 Commercial (Dubai Court of First Instance) |
| Subject of the Lawsuit | One of the subsidiaries of Al Mazaya Holding Company in the Emirate of Dubai filed a lawsuit (as a precautionary measure in order to avoid the state of limitation related to filing a lawsuit) against a contracting company and its owners, subcontractors, and a consulting office and its owners, demanding them to be obligated jointly to bear the costs of rectifying the defects and repairing some buildings in the Emirate of Dubai that they had previously carried out for the benefit of the subsidiary during the period from 2007 to 2015, due to their responsibility for the implementation work and supervising the implementation of those buildings for the benefit of the subsidiary as some defects that required repairs had appeared according to the reports of relevant authorities in the Emirate of Dubai, with the following requests: 1- Obliging the defendants, from the first to the seventh, with joint liability to pay an amount of AED 82,022,600 (equivalent to approximately KD 6.9 million) and legal interest at the rate of 5% from claim date until the full settlement date, which represents the estimated budget for the repair cost of the subject buildings. 2- Obliging the defendants from the eighth to the eleventh with joint liability with the defendants from the first to the seventh to pay an amount of AED 23,200,000 (equivalent to approximately KD 1.9 million) and legal interest at the rate of 5% from the claim date until the full settlement date, which represents the estimated budget for the repair cost of the subject buildings. 3- Reserving the right to request compensation after assessing the damages and losses. 4- Obliging the defendants to pay the related fees, expenses, and attorney’s fees. |
| The Court Judgement / Verdict date | No court verdict has been issued |
| The name of the Court / Court circuit that issued the Judgement / Verdict | Dubai Court of First Instance – No court verdict has been issued |
| Parties of the Lawsuit | Al Mazaya Real Estate FZ L.L.C (plaintiff) against Al Sarh Contracting Company and others (defendants) |
| The Judgment / Verdict in favor of | No court verdict has been issued |
| Court of First Instance Judgment / Verdict | No court verdict has been issued |
| 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. |
