|05 April, 2020

URC’s unit pays $20.85mln to settle dispute in Oman

The transaction will reduce Al Reef’s total liabilities by the amount owed to Wara Construction Co.

Image used for illustrative purpose. General view of old Muscat the day after Oman's Sultan Qaboos bin Said was laid to rest in Muscat, Oman, January 12, 2020.

Image used for illustrative purpose. General view of old Muscat the day after Oman's Sultan Qaboos bin Said was laid to rest in Muscat, Oman, January 12, 2020.

REUTERS/Christopher Pike

Al Reef Real Estate Co, a fully-owned subsidiary of the United Real Estate Company (URC), reached a settlement related to its judicial dispute with Wara Construction Co.

Al Reef paid a final sum of OMR 8 million ($20.85 million) as a final settlement from the amount approved by the court and undertook all necessary legal procedures to protect the company and retain its rights, according to a bourse statement on Sunday.

The transaction will reduce Al Reef’s total liabilities by the amount owed to Wara Construction Co.

It is worth noting that in 2019, the net loss of URC fell by 19.7% on an annual basis to KWD 7.2 million from KWD 8.9 million in 2018.

Source: Mubasher

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