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According to our previous disclosure on 19/5/2015, concerning that one of the parties set up a lawsuit against NIC regarding a sale shares agreement concluded on 2/4/2006, subject to implementation of certain agreed conditions in the contract, in return for an amount of USD 7 million. NIC paid for the company an amount of USD 5 million on 13/4/2006 according to the terms of contract. The remaining amount is USD 2 million and it is to be paid after the verification of the agreed terms. As a result of a breach in the agreed terms, NIC didn’t pay the remaining balance. Accordingly, the claimant set up a case number 5134/2010 absolute commercial, with a demand of USD 2 million or equivalent in KD and legal interest of 7% with an effective date on 3/8/2006 and until the date of the full settlement. On the other hand and as mentioned in our previous disclosure, NIC has set up a subsidiary case asking to pay back an amount of USD 5 million and legal interest of 7% with an effective date on 13/4/2006 and until the date of the full repayment, due to the breach in the agreed terms of contract. The case have been referred to capital market court number 58/2015 (absolute civil commercial) of the capital market government, the court in its first session on 26/5/2015 (post the transfer) has concluded to postpone the ruling until its next session on 9/6/2015. We will re-disclose once there are any updates in this case.

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