
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.
Mazaya case against Kuwait Business Town Company
“With reference to the above subject and to the instructions of the Capital Markets Authority in connection with the disclosure of material information No. (CMA/RN/D.I/2/2012) and to our disclosure dated 28/5/2015, reference No. MAZ-MCS-05-2015-0724, kindly be informed that Kuwait Business Town Real Estate Company (KBT) was notified with the executive form of the judgment passed in favor of Mazaya Holding Company, ruling for obliging Kuwait Business Town Real Estate Company (KBT) to pay to Mazaya Holding Company the sum of KD 837,806/261 (eight hundred, thirty seven thousand, eight hundred and six Kuwaiti dinar and 261 fils) with its legal interests by 7% effective 24/6/2013, up to payment in full, and obliging it with the expenses and one thousand Kuwaiti dinar for the actual attorney’s fees. Kindly be advised that Kuwait Business Town Real Estate Company (KBT) has filed an objection against execution of the judgment, registered under No. 2056/2015 summary/6 and scheduled for hearing on 28/7/2015. 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 reversing 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.”
