Dear Investor,

 

Please find below Agility’s statement to the stock exchange regarding the above mentioned subject.

 

Date 19/04/2022
Company Name Agility Public Warehousing Company KSCP (“Agility”)
Case Number Computer Case Number:211658890

1517/2022 Appeal Commercial 9

Case Subject Appeal of the ruling issued in the case 8228/2021 Commercial 5 in relation to the appointment of experts where  Alcazar Capital Partners – one of Agility’s subsidiaries – filed a lawsuit against the Kurdistan Regional Government in Iraq on grounds that, on 11 September 2007, the Kurdistan Regional Government in Iraq submitted to Alcazar Capital Partners a letter of guarantee to guarantee a loan amounting to two hundred fifty million US dollars plus interest at the rate of 7% annually, this loan is provided by Alcazar Capital Partners to Korek Telecom (a company established according to the laws of the State of Iraq and registered in the Kurdistan region), to be used for the purpose indicated in the guarantee, in order to finance the payment of the second installment of the price of the national mobile phone license that covers Iraqi territories awarded to the said company. The guarantee offered by the Kurdistan Regional Government in Iraq provides that the guarantee is joint or several with Korek Telecom, thereby giving the absolute right to Alcazar Capital Partners to file a claim against the Kurdistan Regional Government of Iraq independently. This is a matter that relates strictly to the guaranteed company under the above guarantee as long as it was agreed in the guarantee to direct the claim separately against the guarantor and Alcazar Capital Partners requested the engagement of the experts department at the Ministry of Justice in order to delegate one of its specialized experts to review the case’s file and its documents, and to issue a report in respect of the value of the sums owed to AlCazar Capital Partners by the Kurdistan Regional Government in Iraq. The sums represent the loan and its accumulated interest at the interest rate determined in the guarantee, from the date of granting the loan and the guarantee on 11 September 2007 until payment, in addition to the fees, expenses and actual attorney fees. Agility requested to join the proceedings with Alcazar Capital Partners confirming its requests to compel the first appellee (Kurdistan Regional Government) to pay to Alcazar Capital Partners the amount of 490,077,625,56 USD (Four Hundred Ninety Million Seventy Seven Thousand Six Hundred Twenty Five US Dollars And Fifty Six Cents) representing the loan with legal interest thereof as of the loan date and guarantee letter dated 11/9/2007, additional accrued interest of 7%  until full payment, legal fees, and the amount of two hundred dinars as actual lawyer fees on both jurisdiction levels.
Date of the decision 19 April 2022
Court Decision Court of Appeal – Commercial Circuit 9
Parties involved Al Cazar Capital Partners as appellant against Kurdistan Regional Government – Iraq and National Bank of Kuwait as appellees
Decision in favor of Al Cazar Capital Partners (a subsidiary of Agility Public Warehousing Company KSCP)
First Instance court decision   The court of first of instance rejected the claim and the claimant (Al Cazar Capital Partners) was ordered to pay the legal fees and 10 Dinars as lawyer fees.
Appeal court decision   The decision of the court of appeal resolved:

First: The Appeal is accepted in form.

Second: Accepting the intervention of Agility Public Warehousing in form.

Third: in substance, the court of appeal overturned the court of first instance’s judgement and ordered the first appellee (Kurdistan Regional Government) to pay the appellant (Al Cazar Capital Partners) the amount of 490,077,625,56 USD (Four Hundred Ninety Million Seventy Seven Thousand Six Hundred Twenty Five US Dollars And Fifty Six Cents (around KD 149.4 million) representing the loan with legal interest thereof as of the loan date and guarantee letter dated 11/9/2007, additional accrued interest of 7%  until full payment, legal fees, and the amount of two hundred dinars as actual lawyer fees on both jurisdiction levels.

Cassation Court Decision   NA
Financial Impact No expected impact can be assessed at the moment

 

Best regards,

Investor Relations Team

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