Judicial decision disclosure

Dear Investor,

 

Date 25/11/2021
Company Name Agility Public Warehousing Company KSCP “Agility”
Case Number Appeal no. 1880, 1910, 1920 for the year 2021 Commercial/Civil/Government/6
Case Subject The contract between the Public Authority of Industry (“PAI”) and Agility for phase 5 located in South Amghara area.
Date of the decision 24/11/2021
Court Decision Court of Appeal
Parties involved Public Authority of Industry and Agility
Decision in favor of Public Authority of Industry
First Instance court decision   The court of first instance resolved in case no. 3538/2020 Commercial/Civil/Government that (i) it is ascertained that the lease agreement between Agility and PAI for phase 5 located in South Amghara area with an area of 427,164 sqm has ended as of July 7, 2020 and Agility to vacate the location and hand it over to PAI and (ii) the company has to pay to PAI an amount of KD 44,237.806 against the use of the land from 4/8/2020 until the date of the court judgment, in addition to the expenses and KD 10 for legal fees. The court also dismissed case no. 4542/2020 and requested the company to pay the expenses and KD 10 against legal fees.
Appeal court decision   The court of appeal has ruled in the above appeals as follows:

Firstly: to accept the 3 appeals in form. Secondly: on the subject of the main appeal to amend the appealed judgement with respect to the compensation and to obligate the company to pay to PAI an amount of KD 2,654,268 and any other additional compensation that might arise until the actual handing over of the land. Thirdly: to obligate the appellant in the two opposing appeals to pay the costs of the three appeals.

Cassation Court Decision NA
Financial Impact No impact at the moment as the company will challenge this decision in the Court of Cassation. Note that the annual revenue from this plot is around KD 1.4 million

Best regards,

Investor Relations Team