Date

16/10/2019

Name of the Listed Company

Al-Imtiaz Investment Group

Case No

5785/2013 Court of First Instance – Commercial Circuit – 1896/2018 Commercial Appeal

Case Subject

Claim amount of KWD 4,147,424.745

Ruling Date

15/10/2019

Ruling The Court

Court of Appeal

Parties of the case

-       KFH (Appellant & Appellee – Creditor)

versus:

-       Danat Al-Khor Holding Co. (Appellant & Appellee – Debitor)

-       Al-Bilad Real Estate Investment (Appellant & Appellee – Debtor) in their capacity as joint guarantor at 15% (Appellant abd Appellee)

Currently: Dimah Capital Investment Co.

-       Others (Joint Surety)

Award in favour of

Kuwait Finance House

The Declaration of the ruling of Court of First Instance

Court ruled to oblige Danat Al-Khor Holding co. to pay the amount of KWD 4,147,424.745; plus legal and attorney fees in the amount of KWD 300.

The Declaration of The Court of Appeal

The Court ruled that all appeals be invalid, each appellant to pay his appeal's expenses plus attorney fees of KWD 30/- ; challenge of the ruling is being processed before the Court of Cassation.

The Declaration of the ruling of Court of Cassation

-

The Potential impact of the ruling on the Company

The Group's net profit for the first quarter of 2018 been reported to have decreased by KWD 426,894.428 which represents a 68.62% share of the retained provision in the financial statements of Al-Bilad Real Estate Investment Company (Currently: Dimah Capital Investment).

Dimah Capital Investment Company is a subsidiary of Al-Imtiaz Investment Group which currently owns 67.76% of Dimah co.

Note: There is no impact on the Group's financial statements for the current year due to entering the above said provision in the first quarter of fiscal year 2018.