
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.
AI Mazaya Holding Company has challenged for cessation the aforesaid ruling
With reference to the above subject, and to Capital Markets Authority instructions Concerning the disclosure of the material information No (CMA/RN/D.I/2/2012) and to our disclosure dated 27/04/2015, reference MAZ-MCS-04- 2015-0365, in which a disclosure was made on the issuance of a final ruling in the two appeals no. 2014/3829 & 2014/4001 S.T/1 for the interest of Al Mazaya Holding Company by obliging Kuwait Business Town Real Estate Company (KBT) to pay to Al Mazaya Holding Company an amount of KD. 837.806/261 (Only Eight Hundred Thirty Seven Thousand, Eight Hundred Six Kuwaiti Dinar, 261 Fils) and legal interest by 7% per annum with effect from 24/06/2013 till the full payment with charging KBT the expenses in addition to an amount of one thousand Kuwaiti dinar for actual attorney fees.
Kindly be advised that AI Mazaya Holding Company has challenged for cessation the aforesaid ruling, challenge No. 2015/994, commercial cessation /5, in terms of the interests requesting the interests to be calculated from the actual maturity date on 31/12/2008 till full payment. Also, Kuwait Business Town Real Estate Company challenged for cessation the entire said judgment, challenge No. 2015/1042, commercial cessation /5 requesting the cessation of judgment.
The financial impact arising from the judgment will generate profits equivalent to the amount ruled for the interest of the company in the form of a reflection of provisions previously taken for the aforesaid amount, and such amount will be included in the company’s financial statements upon execution of the judgment and receipt of the amount.
