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.
The court suspended the execution for the interest of Al Mazaya Company concerning the Law Suit filed by KBT.
With reference to the above subject, and to Capital Markets Authority instructions concerning the disclosure of the material information No (CMA/R.N/D.I/2/2012) and to our disclosure dated 17/06/2015, reference MAZ-MCS-06-2015-0775. Kindly be advised that the lawsuit filed by Kuwait Business Town Real Estate Company No. 2056/2015 / Urgent/6 deliberated at the session dated 23/06/2015 was postponed to the session dated 28/07/2015 in order to notify the Second Defendant. Also, be advised that on the session dated 24/06/2015, the Court of Cassation considered the stay of (summary part) execution in the challenge for cassation No. 1042/2015 commercial cassation / 5 filed by Kuwait Business Town Real Estate Company K.S.C. The Court adjudged to suspend the execution of the ruling rendered for the interest of Al Mazaya Holding Company K.S.C in Lawsuit No. 5528 of the year 2014 till rendering its judgment in the challenge for cassation No. 1042/2015 cassation commercial / 5. Further, we will inform you of any new developments to the case on time.
