Date: 10/03/2024
Ref: 2024/CAD/BK/045
Boursa Kuwait Company
Kuwait
Subject: Corrective Announcement - Lawsuits & Court Judgment
With reference to the above subject, and the requirements of fourth chapter of Module Ten (Disclosure and Transparency) of the Executive bylaws of Law No 7 of 2010 regarding the establishment of the Capital Markets Authority and regulating securities activities and their amendments, find enclosed the Corrective Announcement Form.
Sincerely,
Saad Sami Al Bader
Acting Chief Executive Officer
Corrective Announcement Form
Date
Name of the listed Company
Title of the
Announcement
Date of the last announcement
The False statement of the Previous announcement
Mistake Correction
10/03/2024
ALIMTIAZ INVESTMENT GROUP COMPANY
Corrective Announcement from Al-Imtiaz Investment Group Company regarding Lawsuits & Court Judgment.
07/03/2024
The financial impact cannot be determined because the final value of the judgment is not known, and the impact will be determined after the execution is being initiated by the opposing company. Our Company will take immediate legal proceedings to invalidate the cassation judgment, as the contract between the two companies stipulates arbitration as a mean for conflict settling, and since the property in the contract is located in Qatar.
An initial provision of (26.95 million KD) will be provided, which will be reflected in the profit and loss statement in the first quarter financial statements of the current fiscal year, noting that the final amount will be determined upon execution of the ruling.
Reasons of Mistake Clarification in estimating the financial impact.
Saad Sami Al Bader
Acting Chief Executive Officer
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Alimtiaz Investment Group Co. KSCP published this content on 10 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 March 2024 06:18:07 UTC.