Court Decision with Regard to Cassation Filing no 434/2012 A/1
Reference to our previous release dated 21 February 2012, please be advised that on 30th January 2013, the Court of Cassation in Kuwait has rejected Agility Public Warehousing company KSC’S cassation filing against the Minister of Industry and Commerce in person and others in relation to the court decision no 31,275/2011 A/2 dated 20 February 2012. As a result of this ruling, the initial KIA’s decision no 1/2007 dated 21 January 2007 to terminate the contracts between KIA and Agility on MA 1,2 AND 18 is considered final.
However, the company cannot assess the financial implication of this ruling at the moment until a valuation of its real estate portfolio is carried out. We will provide you with the information accordingly. Please note that the net book value of the 3 plots in Mina Abdullah is estimated at around KD 8 million.