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 won an arbitration request from KBT
With reference to the above subject and the instructions of the Capital Markets Authority, with respect to the disclosure of the substantial information No. (E.M. A / Q.r. / EM / 2/2012). Please be informed that the Case No. 4165/2014: Express / 4 to judge for the court session to be held on 10/27/2014, which is to cease the implementation of the arbitration verdict No. 3, 2013, formerly disclosed and issued in favor of Al Mazaya Holding Company (Holding) against one of the Kuwaiti companies, thus ruling:
Firstly, to compel the defendant, Kuwait Business Town Real Estate Company, to pay for Al Mazaya Holding Company an amount of KD 837.806.261 (eight hundred and thirty-seven thousand, eight hundred and six Kuwaiti dinars and two hundred and sixty-one fils).
Secondly, to compel the defendant, Kuwait Business Town Real Estate Company, to pay the
7-% legal benefits for the judged amount, from the claim date till the fulfillment of the payment.
Thirdly, to compel the defendant, Kuwait Business Town Real Estate Company, to pay the fees and expenses of the arbitration.
The company will disclose the verdict immediately after its release.
