Reference to the subject above, and the CMA guidelines (هـ .أ.م. / ق.ر. / إ.م. / 2/2/2012) regarding the disclosure to key information and the mechanisms of disclosure, and follow up to our formal letters sent to you on 4/5/2015, 20/4/2015 and 4/3/2015 regarding the court ruling in favor of National Investments Company in case no. 953/2014 from the general court, partial appeal 3 against Munshaat Real Estate Projects Company, obliging Munshaat Company for a payment of 22,500,000 USD to National Investments Company in addition to the legal fees.
Noting that the direct investment of NIC in this project is 13,951,000 USD, the remainder is under the NIC clients’ accounts.
Therefore, Munshaat Real Estate Projects Company has presented a plea regarding the verdict enforcement on 3/3/2015, and set a court session on 30/4/2015 to assess it, we would like to inform you that the court has decided on 5/5/2015 to reserve the plea for ruling on 2/6/2015 with legal memos in two weeks, that begins with the pleading company. We will inform you immediately of any updates in this regard.
We have clarified in our former disclosures that the positive financial impact cannot be determined until the enforcement procedures are concluded, and will disclose all updates as soon as they occur.