| Date: |
06/04/2026 |
| Name of the Listed Company |
Al Mazaya Holding Co. K.S.C.P |
Automated Lawsuit number
Lawsuit Number |
260903670
35/2026 Commercial Civil Overall Government /23 |
| Subject of the Lawsuit |
An action for the appointment of an expert, filed by a number of shareholders of Dubai First Real Estate Development Company, which was merged by amalgation with Al Mazaya Holding Company (the Merging Company).
The summary of the claim is as follows:
- The appointment of a tripartite committee of experts from the Experts Department at the Ministry of Justice to review the documents and records of the case, and to visit the headquarters of Al Mazaya Holding Company (the Merging Company) and Dubai First Real Estate Development Company (the Merged Company), and to examine the shareholders’ register, the reports of the internal and external independent auditors, and the records of both companies, for the purpose of clarifying the following:
- To state the capital value of both companies since their incorporation and the extent of its consistency with the approved financial statements, leading up to clarifying the valuation of Al Mazaya Holding Company’s share, which exceeds more than double the value of Dubai First Real Estate Development Company’s share, as stated in the disclosures relating to the approval of the merger by amalagation between the two companies.
- To state the liquid funds, real estate, and other assets, whether fixed or current, and their respective values.
- To state the assets and properties of both companies.
- To state the revenues, returns, and profits of both companies and compare them with comparable entities, as well as to state the expenses and expenditures of both companies.
- To state and determine the profits and losses, and to clarify whether the acts and conduct of the Boards of Directors of both companies were in compliance with the powers and objectives stipulated in the companies’ articles of association and their memorandum of association.
- To state all bank accounts and balances of both companies.
- To state the results of the auditor’s examination of the activities of both companies.
- To state the names of the members of the Board of Directors of the Merged Company, hold them accountable for all acts and actions carried out by them in their capacity as Board members, and to determine the appropriate compensatory damages for the harm sustained by the plaintiffs, in accordance with the findings of the expert report.
- To oblige the defendants to submit all documents, papers, and information in their possession relating to the Merging Company and the Merged Company, in preparation for calculating the plaintiffs’ respective shares in the compensatory damages in proportion to the number of shares owned by each of them, and in preparation for issuing a judgment obliging the defendants to pay the plaintiffs the amounts determined by the expert report
- In all cases, a ruling to obligate the first defendant to pay the expenses and actual attorney fees, with the judgment being enforceable immediately.
|
| The Court Judgement / Verdict date |
No court verdict has been issued |
The name of the Court that issued the Judgement / Verdict
Court circuit |
No court verdict has been issued |
| Parties of the Lawsuit |
Twelve shareholders of First Dubai Real Estate Development Co. "the merged company" (Plaintiffs)
Vs
Al Mazaya Holding Company K.S.C.P. "the merging company" (First Defendant), and others (Defendants) |
| The Judgment / Verdict in favor of |
No court verdict has been issued |
| Court of First Instance Judgment / Verdict |
No court verdict has been issued |
| Court of Appeal Judgment / Verdict |
No court verdict has been issued |
| Court of Cassation Judgment / Verdict |
No court verdict has been issued |
| The expected financial impact on the company as a result of the Judgment / Verdict |
No court verdict has been issued |