In addition to our previous disclosure dated June 11, 2023, Kindly note that the Court of Appeal in Case No. 1003/2023 at the Court of First Instance, Circuit No. 10, and No. 2712/2023 in the Court of Appeal, for the issues regarding the stay of execution of Case No. 505/2019, Total Commercial / 4, filed by the group of International Real Estate Projects and others against Amar Finance and Leasing Company, in which a ruling was issued in yesterday’s session, Sunday, December 3, 2023, with a ruling in favor of Ammar Finance and Leasing Company, considering the appeal as if it has not occurred and obligating the appellant with the expenses, and there is no financial impact on the company.
The First Instance Court ruled rejecting the case and keep it pending, until a discrimination decision under No. 2411/2023 Commercial/5, and, deferred judgement on expenses.
Amar Finance and Leasing Company announces that Mrs. Nour Allah Nabil Ashqir has been registered with the Capital Markets Authority as “Securities Broker Not Registered In The Stock Exchange” starting Tuesday, November 28, 2023.
Amar Board of Directors’ (BOD) meeting no.06/2023 was held today Monday, November 06, 2023 at 1:30 PM, where the financial statements for the period ending on September 30, 2023.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 PM on Monday, November. 06, 2023 in the company's meeting room, to discuss and approve the Financial statements for the period ending on September 30, 2023.
Amar Board of Directors’ (BOD) meeting no.05/2023 was held today Wednesday, August. 09, 2023 at 1:30 PM, where the financial statements for the period ending on June 30, 2023.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 PM on Wednesday, August. 09, 2023 in the company's meeting room, to discuss and approve the Financial statements for the period ending on June 30, 2023.
The First Instance Court ruled in favor of Amar Finance and Leasing Company, rejecting the case and obliging the plaintiff to pay the expenses and an amount of KD 50/- being actual attorney’s fees. Accordingly there is no financial impact.
The First Instance Court ruled to annul the “stay of execution” request and consider it null and void. The judgment obliged the appellant to pay the expenses, and an amount of KD 100/- being actual attorney’s fees.
Based on this judgment, the execution of Case 505/2019 and the relevant appeal were annulled in favor of Amar Finance and Leasing Company against the International Real Estate Projects Group, with regards to the amount of KD 980,056.202, including judicial expenses
The Execution Department at the Ministry of Justice performed the following legal set-off in favor of Amar Finance and Leasing Company against The International Real Estate Projects Group for its debts to Amar finance and Leasing company as per the aforementioned judgments and amounts in addition to the debt of KD 735,756.515, based on The Court of Cassation judgment:
1- Deducting the amount of KD 735,756.515 that was issued by a judgment against Amar Finance and Leasing Company in favor of The International Real Estate Projects Group, from the amount of KD 980,056.202 that was issued by a judgment in favor of Amar Finance and Leasing Company. This amount shall be recorded as a collected profit from bad debts.
2- Closing the execution file for the value of KD 735,756.515, including judicial fees and expenses, issued against Amar Finance and Leasing Company, for which a provision has been taken and recorded previously in the company's records.
Accordingly, the financial impact will be reflected in decreasing the company's obligations by closing the provision allocated for the Cassation case, and in recording the incurred profit from collecting bad debts in the 2023 second quarter statement.
As for the temporary execution dispute, the First Instance Regional Court- Urgent 1- ruled to accept the “stay of execution” request in form and to suspend the sentence on merits, with regards to the amount of KD 728,884.500 deposited in the execution file, and to continue execution of other rulings. The court also ruled to oblige the first Respondent to pay the expenses, and an amount of KD 20/- (Kuwaiti Dinars Twenty only) being actual attorney’s fees.
Accordingly, there shall be no current financial impact on the company until after litigation levels are completed.
Further to our previous disclosure on March 27, 2023, Please be informed that the Court of Appeal Judgment has been issued for Case No. 2478/2023. The court ruled to reject the first appellant's request, to accept the second request in form, and to reject it on merits, to affirm the appealed judgment and to obligate the appellant to pay the amount of KD 20/- (Kuwaiti Dinars Twenty only) being actual attorney’s fees.
Amar Board of Directors’ (BOD) meeting no.04/2023 was held today Thursday, May. 11, 2023 at 1:00 PM, where the financial statements for the period ending on March 31, 2023.
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:00 pm on Thursday, May. 11, 2023 in the company's meeting room, to discuss and approve the Financial statements for the period ending on March 31, 2023 in addition to Other items.
Amar Board of Directors’ (BOD) meeting no. 03/2023 was held today Tuesday, April 13, 2023 at 1:30 PM, Where the company's board of directors for the next three years (2023-2025) was formed as follows:
Mr. Abdullah Rashed Salem Boqammaz – Chairman
Mr. Bader H A Alrabiah – Vice Chairman
Mr. Hamad Mohammad Abdullah Alsaad – Board Member
Mr. Abdulmutaleb A M R Marafie
– Board Member
Mr. Anwer Ahmad Abdullah Alhunaidi - Independent Member
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 pm on Sunday, April. 13, 2023 in the company's meeting room, to form the Board of Directors for its new session (2023-2025).
Kindly be advised that Mr. Eissa Hasan Alkandari has started his duties as Investment Department Manager effective today, April 10, 2023.
The Ordinary and Extraordinary General Assembly Meeting of Amar Finance and Leasing Company was held today, Monday, April 10th, 2023 at 10:30 am at Al-Ahlia Insurance Company meeting room, 2nd Floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City. All agenda articles were approved during the meeting.
Amar Finance and Leasing Company announces that Mr. Abdullah Yousef Al-Hajri - Investment Manager and registered with the Capital Markets Authority as “Securities Broker Not Registered In The Stock Exchange” has submitted his resignation from his position. His resignation was approved today, March 29, 2023, and his last working day will be Thursday, June 22, 2023.
The Regional Court ruled the following First Instance judgment in favor of the International Real Estate Projects Group and other parties, in respect of the request for “a stay of execution” in relation to the execution of Case No. 2920/2020:
The court judgment in respect of the temporary execution dispute, was to accept the “stay of execution” request in form and to reject it on merits, to continue with the execution, and to oblige the Respondent to pay the expenses, and an amount of KD 10/- (Kuwaiti Dinars Ten only) being actual attorney’s fees. Moreover, the court ruled the forfeiture of the bail.
The temporarily suspension of the execution procedures through the General Administration of Execution shall have no current financial impact on the company due to its connection to other rulings issued in favor of Amar Finance and Leasing Company.
In addition to our previous disclosure dated 06 December 2022, we inform you that the Court of Appeal in Cases No. 15/2023, 54/2023, 24/2023, 42/2023 Commercial Appeals / 05 filed by the International Group for Real Estate Projects and others against Amar Finance and Leasing Company related to Case No. 505/2019, general commercial, in which a judgment was issued in yesterday’s session, Wednesday, March 15, 2023. The court judged as follows:
First: The appeal was accepted on Wednesday in form.
Secondly, in the matter, by rejecting it, upholding the appealed ruling, obliging each appellant to pay the expenses of his appeal, and the court ordered a set-off in attorney’s fees.
This is based on the ruling issued by the Court No. 505/2019 General Commercial /4
There is no current financial impact on the company, except after the end of the litigation.
The Ordinary and Extraordinary General Assembly meetings for Amar Finance and Leasing Company has been set at 10:30 am on Monday April 10, 2023, at Ahlia Insurance Company meeting room, 2nd floor, Ahmed Al Jaber Street, Sharq Area, Kuwait City
Further to our previous disclosure on March 01, 2023, kindly Note that Amar Finance and Leasing Company signed today, Tuesday, March 07, 2023, a Credit Limit Agreement for the amount of KD 3,250,000/- (three million two hundred and fifty thousand Kuwaiti Dinars only) with a local Islamic bank. The purpose of the limit is to finance the company's investment activities. The financial impact will be reflected later on the financial statements, based on the used amounts of those facilities
Amar Board of Directors’ (BOD) meeting no. 02/2023 was held today Tuesday, Feb. 28, 2023 at 1:30 PM, where the following recommendations were approved :
- The financial statements for the period ending on December 31, 2022.
- Approval of the invitation to convene the Ordinary and Extraordinary General Assembly meetings.
- Recommending not to distribute dividends to company's shareholders.
- Recommend the re-appointment of the external auditor.
- Recommend the re-appointment of the external Sharia audit office.
- Approving signing a credit facilities contract with a local bank at a value of KD 3,250,000
Amar Finance & Leasing Company Board of Directors will hold its meeting at 1:30 pm on Tuesday, Feb. 28, 2023 in the company's meeting room, to discuss and approve the following items:
- The Financial statements for the period ending on December 31, 2022.
- Discussing the agendas of the Ordinary and Extraordinary General Assembly meetings.
- Discussing the Board of Directors' report.
- Discussing the governance report and the audit committee report.
- Discussing the rewards report.
- Other items.
Amar Board of Directors’ (BOD) meeting no. 01/2023 was held today Sunday, Feb. 05, 2023 at 1:15 PM, where the Board has discussed and approved the company’s strategy and the estimated budget for 2023.
Amar Finance & Leasing Company Board of Directors will its meeting at 1:15 pm on Sunday, Feb. 05, 2023 in the company's meeting room, to discuss and approve the company's strategy and the estimated budget for the year 2023 in addition to other items.
Search
